BYD Co. (1211.HK / BYDDY) reported first-quarter results Thursday in Shenzhen showing revenue of 256.4 billion yuan ($35.1 billion), up 41.2% year-on-year, with net profit of 14.8 billion yuan ($2.03 billion) — a 64% YoY increase. The Hong Kong listing closed up 7.4% at HK$402.40, the highest level since the December 2024 EU tariff implementation. Q1 vehicle sales reached 1.34 million units, of which 658,000 were pure battery-electric and 682,000 were plug-in hybrid (DM-i platform).
European registrations data released by the European Automobile Manufacturers Association on Thursday showed BYD captured 11.0% of EU+EFTA new BEV registrations in March 2026 — up from 6.4% a year earlier and 8.8% in February. The Atto 3 SUV alone registered 28,400 units in March, ahead of the Volkswagen ID.4 (24,100) and the Tesla Model Y (22,800). Total European deliveries crossed 64,000 units, double the January cohort.
Tariff Mitigation and Local Manufacturing
BYD's Hungarian Szeged assembly plant — which began operating at full capacity in January — produced 18,400 vehicles in March alone, allowing the company to circumvent the 17% EU countervailing duty applied to imports from China. The forthcoming Cambé plant in Brazil, scheduled to begin production in late Q3, and the planned Manisa plant in Turkey (2027) further extend the localization strategy. Capex guidance for FY2026 was raised to $13.5 billion from $11.2 billion.
European OEMs reacted negatively: Volkswagen AG (VOW3.DE) declined 3.4%, Stellantis (STLA) dropped 4.1%, Renault SA (RNO.PA) fell 2.8%, BMW (BMW.DE) lost 2.2%, Mercedes-Benz (MBG.DE) slipped 2.1%. Tesla (