Core Insights - BYD reported a 100% increase in net profit for the first quarter, reaching 9.15 billion yuan (approximately $1.3 billion), surpassing Tesla in this key metric [1] - Operating revenues for BYD rose by 37% year-over-year, totaling 170.4 billion yuan (around $23.3 billion) [2] - BYD's earnings per share surged by 99% to 3.12 yuan (about $0.43) [2] Company Performance - BYD overtook Tesla in overall annual revenue last year, reporting $107 billion compared to Tesla's $98 billion [2] - BYD's sales increased by 60% in the first three months of 2025, while Tesla's deliveries fell short of analyst expectations [4] - Tesla's net income for the same period was reported at $409 million, a decline of over 70% compared to the previous year [1] Technological Advancements - BYD introduced a new charging system capable of providing 250 miles of charge in just five minutes, utilizing 1,000 kW chargers, which are four times more powerful than Tesla's current chargers [3] - Tesla plans to launch 500 kW chargers later this year [3] Market Position - BYD's vehicles, including the Han L sedan and Tang L SUV, are priced starting at $30,000, but remain unavailable in the US market [4] - Despite the unavailability in the US, BYD continues to outpace Tesla in sales [4]

Asian Autos BYD Co Ltd Rating Outperform Price Target 1211.HK 460.00 HKD 002594.CH 420.00 CNY 19 March 2025 Eunice Lee, CFA +852 2123 2606 eunice.lee@bernsteinsg.com Neil Beveridge, Ph.D. +852 2123 2648 neil.beveridge@bernsteinsg.com Brian Ho, CFA Mika Fu +852 2166 4805 mika.fu@bernsteinsg.com BYD: Charging ahead — Top 6 questions on the latest 10C ultra fast-charging technology BYD announced its 10C fast-charging technology on Monday (Quick Take), and we have been getting significant inbound since then. Ba ...