BYD's stock price recovered after the world’s largest electric vehicle manufacturer announced that its net profit is expected to have doubled in the first quarter.

BYD [SHE: 002594] closed 1.8 percent higher at CNY327.51 (USD44.70) in Shenzhen today after an intraday gain of 4.4 percent, following a 10 percent drop yesterday. Year-to-date, the stock has risen by 16 percent.

For the first three months of this year, BYD projects a net profit ranging from CNY8.5 billion to CNY10 billion (USD1.2 billion to USD1.4 billion), marking an increase of 86 percent to 119 percent compared to the same period of last year, the Shenzhen-based automaker announced around noon today.

The producer of EV models Tang, Song, and Qin highlighted that the sector continued to show strong growth momentum in the first quarter. BYD set a new quarterly sales record and achieved significant expansion overseas, further solidifying its position as the global EV leader, it added.

BYD sold one million vehicles over the quarter, a 60 percent increase year-over-year, based on data disclosed earlier. Overseas sales reached 72,723 units in March alone, accounting for around 19 percent of the total.

Part of the allure is that the company is expanding access to next-generation technologies. In February, BYD announced that all its models, including entry-level vehicles priced below CNY100,000 (USD13,630), will feature smart functions, making autopilot capabilities more mainstream.

Last year, BYD retained its position as the world’s top EV seller for the third consecutive year, with annual sales surpassing 4.2 million units. The company’s full-year net profit increased by 34 percent to CNY40.3 billion, while revenue grew by 29 percent to CNY777.1 billion (USD105.9 billion) compared to 2023, according to its annual report.