BYD sees growth in revenue and profit in first quarter

China’s leading new energy vehicle (NEV) producer BYD Company reported increasing profit and revenue growth in the first quarter of this year.

In the recent quarterly report filed with the Shenzhen Stock Exchange, the Shenzhen-headquartered company said it recorded 237 million yuan ($36.61 million) of net profits in the past quarter, increasing 110.7 percent year on year.

During the January-March period, the company’s revenues increased 108.3 percent year on year to 40.99 billion yuan.