(Bloomberg) — BYD Co. shares’ strong lead over Tesla Inc. this year may get another lift from the Chinese electric vehicle maker’s first-quarter results, expected to show a solid start to 2025.
Most Read from Bloomberg
BYD’s Hong Kong-listed shares have surged 46% so far in 2025, hitting a record in March, while rival Tesla’s stock has plummeted over 35% amid slumping sales and concerns about trade war-related costs. Options traders are pricing in a 4% one-day move in the BYD stock after the release late Friday, more than the average 3.1% swing after the last eight quarterly reports.
The Shenzhen-based auto giant has said that March-quarter profit should be between 8.5 billion yuan ($1.2 billion) to 10 billion yuan, implying a growth of 86% to 119% from a year earlier. Sales may increase 47% to 183.17 billion yuan, according to an average of estimates compiled by Bloomberg.
Bloomberg Intelligence expects BYD to show robust cost control and a stable margin outlook as it scales up operations. The company targets to sell 5.5 million car units this year, and has delivered around one million electric and hybrid vehicles in the March quarter.
BYD Quarterly Sales Seen on Track to Beat Tesla: Preview (1)
Despite this year’s rally, BYD shares trade at deep discount versus Tesla. The stock trades at about 19 times forward earnings, about a fifth of Tesla’s valuation.
–With assistance from Cecile Vannucci.
Most Read from Bloomberg Businessweek
©2025 Bloomberg L.P.
