Investing.com-- Shares of BYD Co (HK: 1211 ) dropped on Monday despite the Chinese electric vehicle (EV) giant reporting a 100.4% year-on-year surge in first-quarter net profit, driven by robust EV sales.
Profit for the first quarter ended March 31 more than doubled to 9.15 billion yuan ($1.26 billion), the company reported on Friday.
Revenue for the quarter rose 36.4% to 170.4 billion yuan.
Despite these strong figures, shares of the company fell after media reports showed that analysts expect the company’s profit per vehicle to fall.
Hong Kong-listed shares of the company dropped 4.2% to HK$380.40 as of 06:33 GMT.