Rise in Net Profit for BYD Co.

by Warren Seah

BYD Co. has reported a significant increase in its net profit for the first half of the year, driven by strong demand for its electric vehicles (EVs). The company, which is also involved in handset component manufacturing, announced on Monday that its net profit for the period ending in June reached 10.95 billion yuan ($1.50 billion), compared to 3.59 billion yuan in the same period last year.

Boosted Revenue and Gross Profit

BYD’s revenue saw a substantial growth of 73% to reach 260.12 billion yuan, primarily due to the successful sales of their EVs. Additionally, the company’s gross profit for the first half more than doubled from last year. Notably, BYD managed to nearly double its vehicle sales during this period, solidifying its position as the top global seller of EVs.

Expanding Market Share

BYD also made significant strides in China’s new-energy vehicle market, increasing its share to 33.5%, a rise of 6.5 percentage points from last year.

Positive Outlook for China’s EV Market

Looking ahead, BYD anticipates a sustained growth momentum in China’s EV market throughout the rest of the year, with expectations of reaching new highs in EV penetration rates.

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