BYD, BMW & Toyota: How did EV Manufacturers Perform in Q1?

While automotive manufacturers navigate a turbulent market shaped by increasing energy prices and global geopolitical instability, Western automakers are facing fierce and intense competition from Chinese manufacturers who are dominating the EV market with cost-effective electric vehicles.

As companies report results from the first quarter of 2026, we have analysed how major automakers are advancing their electrification strategies while managing varying sales performance across their EV portfolios.

The transition to electric mobility remains a central challenge for traditional automotive manufacturers. This has led to strategic pivots, partnerships and significant investments in EV technology across the sector.

Ford's 2026 performance

Ford's first-quarter revenue in 2026 was US$43.3bn, with net income of US$2.5bn and adjusted earnings before interest and taxes (EBIT) of US$3.5bn.

This marks an improvement over Q1 of the previous year, where Ford’s first-quarter revenue of US$40.7bn, with net income of US$471m and adjusted EBIT of US$1bn.

Ford's President and CEO Jim Farley says: "Our strong first-quarter results and raised full-year guidance reflect the momentum of the Ford+ plan.

"We built the foundation for a more modern, resilient Ford, improving cost and quality and building our world-class team.

"We are well prepared to deliver for our customers and shareholders as we enter one of the most intensive product, software and physical services rollouts in our history."

The company's total sales were at 457,315 vehicles, down 8.8% on the previous year.

Ford is currently updating its EV strategy following a writedown earlier this year of US$19.5bn related to its EV strategy.

The company is working on its Universal Electric Vehicle program in a bid to manufacture EVs at lower cost to compete on a global scale with other brands, including Chinese competitors.

BMW Group's electric trajectory

BMW Group posted profit before tax of €2.35bn (US$2.96bn) in Q1 2026, down 24.6% over the previous year with an EBIT margin at 5%.

The company's deliveries were at 42,735, down 4.2% from 44,609 in the previous year.

In Europe, sales of all-electric automobiles continued their positive trajectory, surpassing the previous year's figure with 59,936 units delivered, up 2% from 58,761 units in 2025.

BMW is working on the rollout of its "Neue Klasse", a new generation of vehicles designed to usher in a fully electric era, including the i3.

In BMW's Quarterly Statement, the company says that: "In Europe, economic output increased only marginally in the first quarter; at the same time, there are first signs that the conflict in the Middle East is weighing on economic activity."

Toyota's battery electric vehicle growth

Toyota recorded a ¥1.4tn (US$8.9bn) hit from tariffs in the financial year 2025/26, as well as a projected negative ¥670bn (US$4.3bn) Middle East impact as a result of the Iran war for the current fiscal year.

Despite this, the world's largest car maker posted record sales of 10,477,000 units across its Toyota and Lexus brands.

Toyota's Accounting Group Chief Officer, Takanori Azuma, told shareholders that thanks to strong demand from customers, mainly in Japan and the US, vehicle sales increased.

In its report, Toyota recorded a 168.4% increase in its BEV sales, representing 145,000 units in the financial year ending in 2026.

The group forecasts 243,000 battery electric vehicle sales this year.

Taking into account the Middle East impacts and other factors, Toyota is forecasting operating income for the fiscal year ending March 2027 of ¥3tn (US$19.4bn), representing a year-on-year decrease of ¥800bn (US$5.11bn).

Its recorded operating income for financial year 2025/26 is ¥3.8tn (US$24.2bn), down ¥1tn (US$6.4bn) year on year.

Volkswagen's 2026 impact

Volkswagen recorded €75.7bn (US$81.76bn) in sales revenue in Q1 2026, 2% below Q1 2025 of €77.6bn (US$91.4bn).

The company reported a €2.5bn (US$2.95bn) operating result in Q1 of 2026, which is 14.3% below Q1 2025.

Oliver Blume, Volkswagen's CEO, said in a statement accompanying the results: "The world is undergoing fundamental change and we are aligning our strategy consistently.

"Wars, geopolitical tensions, trade barriers, stricter regulations and intense competition are creating headwinds.

"In this challenging environment, we have managed to make tangible progress."

Arno Antlitz, CFO and COO Volkswagen Group, said: "We made further progress in the first quarter of 2026: order intake in Europe improved, our 'In China, for China' strategy is progressing."

The German carmaker is diversifying into the Chinese market, having partnered with XPENG as part of its own "In China, for China" strategy, with the jointly developed ID.UNYX 08 EV recently rolling off the production line.

BYD's battery technology advancement

According to Reuters, Chinese brand BYD's quarterly profit fell at its fastest pace since 2020, with the company being hit by intense competition from other Chinese brands.

BYD's first-quarter net profit dropped 55.4% from a year earlier to CN¥4.1bn (US$599.46m).

The company is currently developing new EV battery technology, doubling down on tech in the competition against other brands.

BYD's Blade Battery 2.0 was announced in March 2026, which offers more than 1,000 km in range.

Stellantis' results in Q1

In the first quarter of 2026, Stellantis' net revenues increased to €38.1bn (US$44.8bn), up 6% versus Q1 2025 of €35.8bn (US$42bn).

The company says the improvement was supported by volume growth across all regions, with North America the primary contributor.

Stellantis' net profit was €0.4bn (US$471m), while its adjusted operating income (AOI) reached €1.0bn (US$1.18bn), with AOI margin of 2.5% and most regions positive.

The company's shipments were at 1,361,000 in Q1 of 2026, up from 1,217,000 in 2025.

Antonio Filosa, CEO of Stellantis, says: "As we initiate quarterly reporting, the first three months of 2026 reflect the early results of our actions to return Stellantis to sustainable, profitable growth.

"The products we launched in 2025 have been well received and we're confident that the 10 new vehicles planned for 2026 will build on this momentum."

Recently, Stellantis confirmed its plans to manufacture Opel branded EVs with Chinese company Leapmotor in Europe.