Shanghai (ZXZC)- BYD Company Limited (“BYD”) announced on Monday its quarterly net profitable attributable to shareholders was forecasted to reach 650 million-950 million yuan ($102.022 million-149.108 million) in the first quarter of 2022, rocketing 174%-300% from the previous year.

The company also stated its first-quarter basis earnings per share were projected to be 0.22-0.33 yuan ($0.035-0.052), rising from the 0.08 yuan ($0.013) for the year-ago period.

BYD Han EV; photo credit: BYD

In the first quarter of 2022, China's NEV industry continued to keep an upward impetus despite the downward pressure on the macro economy, the pandemic factor, and other adverse effects, BYD said in the announcement. The continuous rise in NEV market share and the year-on-year surge in NEV sales greatly improved BYD’s profitability, which to some extent cushioned the pressure led by the hike in upstream raw materials prices.

However, BYD’s handset components and assembly business came under pressure during the reporting period as the weaker industrial demands resulted in a relatively low capacity utilization rate, said the company.

BYD closed the first quarter of 2022 with a record-breaking NEV sales volume, which stood at 286,329 units (+422.97%).

The company stopped the production of oil-fueled vehicles in March and will make battery electric and plug-in hybrid electric vehicles only.

BYD said the discontinued production of oil-fueled vehicles was to align with its strategic development requirements. Meanwhile, it will continue to produce and supply the components of oil-fueled vehicles, so as to serve its existing customers.