Shanghai (ZXZC)- BYD Company Limited (“BYD”) announced on Wednesday that its revenue in the first quarter of 2022 leapt 63.02% over a year earlier to around 66.825 billion yuan ($10.188 billion).

The company ascribed the robust revenue growth to the fast expansion of its new energy vehicle (NEV) business.

BYD Qin PLUS DM-i; photo credit: BYD

In the Jan.-Mar. period of 2022, BYD sold 291,378 vehicles in total, 98.3% of which were contributed by NEVs.

In March, BYD stopped the production of oil-fueled vehicles and decided to go all out to develop its NEV business in the future.

According to the latest quarterly financial results, the company saw the first-quarter net profit attributable to shareholders surge 240.59% year on year to 808.408 million yuan ($123.244 million). After deduction of non-recurring profit and loss, the net profit even rocketed 729.44% from a year ago to 513.943 million yuan ($78.352 million).

During the reporting period, BYD's quarterly net cash flow generated by operating activities was around 11.933 billion yuan ($1.819 billion), which reflected a whopping year-on-year growth of 8,312.29%. Basic earnings per share in the first quarter stood at 0.28 yuan ($0.043), versus the 0.08 yuan ($0.012) for the year-ago period.

Besides, the company's R&D expense reached about 2.361 billion yuan ($359.891 million) in the first three months of the year, soaring 93.9% from the previous year.