Chinese electric vehicle giant BYD Co. posted a fivefold jump in its first-quarter profit on Thursday as the company consolidated its leadership in the domestic market, Reuters
reports. Net profit for the first three months of the year was 4.13 billion yuan ($596.56 million), up 410.9% from 808.41 million yuan a year earlier, on revenue up 79.8% at 120.17 billion yuan, the company said in a stock market filing, the news agency adds.
According to Insider
, BYD launched one of the best deals on the electric-car market. The Seagull model costs roughly $11,000 to start and offers up to 251 miles of range, the news site writes. Insider notes that BYD "is swiftly taking over the country's competitive EV market and making lots of trouble for Tesla and Elon Musk".
The Chinese carmaker has also provided further details on its impending luxury/performance YangWang U9 model, GOEC
writes. Its over-1,000-horsepower motor and smart Disus suspension system will be its key attractions, it adds. "The vehicle as a whole may bounce a few inches off the ground thanks to the clever suspension system. Additionally, it allows the electric supercar to operate without one wheel, much like a Citroen DS from the 1960s with its hydropneumatic suspension," it explains.