BYD posts US$1.2 billion profit in second quarter on surging global demand
China’s electric vehicle (EV) giant BYD saw its earnings jump 30 per cent in the three months from April to June, ending a five-quarter losing streak as buoyant overseas sales and premium models enhanced its net margin and profitability. The Shenzhen-based carmaker, also the world’s largest EV builder, posted a net income of 8.2 billion yuan (US$1.2 billion) in the second quarter, up 30 per cent…
Chinese electric vehicle manufacturer BYD reported a 30% increase in net profit to US$1.2 billion in the second quarter, ending a five-quarter losing streak. The Shenzhen-based company, which is the world's largest EV builder, saw a significant boost in overseas sales and premium models, which enhanced its net margin and profitability.
Despite a 3% dip in revenue to 194.6 billion yuan, the second-quarter performance exceeded analyst expectations. BYD recorded 471,091 vehicle sales outside mainland China, a 82.5% increase year on year, while domestic sales struggled, contributing to a 20.5% drop in first-half net profit to 12.3 billion yuan. The company attributed the decline to weaker domestic demand and higher raw material costs.
Written by urgent.news from South China Morning Post's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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