2 months ago
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Chinese electric vehicle maker BYD, reported a 32.8 per cent rise in second-quarter net profit on Wednesday, its fastest growth since the end of 2023, despite faltering spending on big-ticket items in the world’s largest automobile market.
Net profit hit US $1.3 billion in the April-to-June quarter, while revenue was up 25.9 per cent from figures published a year earlier.
For the first half as a whole, net profit jumped 24 per cent.
BYD has taken a significant lead in the electric and plug-in hybrid vehicle sector, leveraging on its vertical integration strategy by using key components such as batteries made by the company.
BYD has outsold the combined sales of Volkswagen’s two joint ventures in China by 14.5 per cent in the first seven months.
It is expected to unseat Tesla as the largest Electric Vehicle vendor this year with a 18 per cent share of the global market.
It has been offering aggressive discounts for its best-selling Dynasty and Ocean series of EVs to secure its leadership position with a more than one-third share in China’s new energy vehicle market.
English (US) ·