BYD profits in Q1 amounted to $111 million. $215-245 million is expected in the first half of this year.
BYD was more successful than Tesla in balancing the revenues and costs during first quarter of this year, as the Chinese company managed to earn a small profit of 749.73 million yuan ($111.4 million). The growth of profits from a low base was an outstanding 632% year-over-year.
It's still not a big amount, but as long as BYD continues to grow, sell more plug-in cars and invest in new plants, it's all good.
The near-term perspectives are also good for BYD. The expected profits for the first half of the year are between 1.45 billion yuan ($215 million) to 1.65 billion yuan ($245 million), which would be three times the past year's result.
The Chinese plug-in electric car segment is still growing strong, despite the overall decline of the car market, as well as raised requirements for New Energy Vehicles to get subsidies (reduced). Combined with a growing number of suppliers, many of which were forced by new requirements, the competition is expected to become even more difficult and profits thinner.