Chinese EV giant BYD more than doubled its net profit in the first quarter of the year, a growth deemed its fastest in nearly two years, Kallanish reports.

According to a stock filing published Friday, BYD’s net profit surged 100.4% to CNY 9.15 billion ($1.25 billion), compared with CNY 4.56 billion a year earlier. Operational revenue increased 36.3% to CNY 170.36 billion, which is lower than the 52.6% growth in the previous quarter.

The company, which is taking over both Chinese and Western EV manufacturers in a price war, also increased its R&D spending in Q1 by 34%. The ongoing expense and commitment to further advance its technological capabilities are paying off, and BYD is accelerating its overseas expansion. It is planning to export 800,000 vehicles this year, reaching total car sales of 5.5 million units.

In Q1, BYD sold over 450,949 passenger all-electric (BEVs) and 590,950 plug-in hybrids (PHEVs), representing annual growths of 52% and 85%, respectively.

After sending shockwaves in the EV market with the rollout of its God’s Eye driver-assistance system as a standard feature across its line-up, the carmaker is now attracting attention at the Shanghai auto show with new models.

It premiered five new EV models under its Ocean Series. These include the Sealion 06 mid-sized SUV available in both BEV and PHEV powertrains, and the Seal 06 EV, a mid-size all-electric saloon. BYD’s brands Denza and Yangwang also launched new models that will rival higher-end Western brands such as Porsche and Mercedes-Benz.

Earlier this week, Tesla posted a 71% dive in its Q1 net profit to $409 million on the back of lower vehicle deliveries and lower average selling price.