BYD posts first quarterly profit rise in over a year

Chinese electric vehicle manufacturer BYD reported its first quarterly profit increase in over a year on Friday, driven by a surge in exports that counterbalanced weak domestic sales. As the world's largest EV maker by shipments, BYD has been leading China's push into overseas markets, gaining traction in Europe and Southeast Asia to mitigate its dependence on the increasingly competitive domestic market.

Net profit surged 29.8% year-on-year to 8.2 billion yuan ($1.22 billion) in the second quarter, marking four consecutive quarters of losses and reversing a 55.4% decline in the previous quarter, according to Reuters calculations based on a stock exchange filing. However, revenue declined by 3.2% to 194.6 billion yuan in the quarter, a slight improvement from an 11.8% drop in the first quarter and continued quarterly losses for a fourth consecutive quarter.