BYD Co., China's leading electric vehicle manufacturer, reported a significant increase in its first-quarter earnings for 2025, with net income doubling to 9.15 billion yuan ($1.3 billion) from the previous year. This growth was driven by robust sales of nearly one million units during the period, marking a 60% increase in total vehicle sales compared to the first quarter of 2024. The company's revenue for the quarter reached 170.36 billion yuan, up 36% year-over-year, although it fell short of analyst expectations of 183.17 billion yuan. Earnings per share (EPS) surged 99% to 3.12 yuan per share, and research and development (R&D) expenses increased to 14.22 billion yuan. BYD's performance outpaced Tesla Inc., which reported a net profit of $409 million for the same period, highlighting BYD's competitive edge in the electric vehicle market. The Chinese automaker's success is attributed to strong demand for its electric and plug-in hybrid vehicles (PHVs) both domestically and internationally, with new energy vehicle (NEV) sales reaching 1,000,804 units. BYD's shares in Hong Kong rose 1.7% on the day of the earnings announcement, contributing to a nearly 50% gain for the year. The gross margin for the first quarter was 20.07%, a slight decrease from the previous year but an increase from the fourth quarter of 2024. The company's focus on expanding its global footprint is evident with plans to achieve annual sales of 5.5 million units in 2025, including 800,000 exports. BYD's strategic moves include the construction of a new electric vehicle plant in Hungary, set to begin production by the end of 2025, which will help mitigate the impact of tariffs imposed by the U.S. on Chinese vehicles. Additionally, BYD announced a dividend plan, rewarding shareholders with bonus shares and a cash dividend.