BYD profit tripled in half year – Kommersant
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Chinese electric vehicle maker BYD reported net income of 10.95 billion yuan ($1.5 billion) in the first half of the year. Reuters referring to the company’s statement submitted to the Hong Kong Stock Exchange. This figure is 204.7% higher than in the first half of 2022. BYD’s half-year revenue reached 260.1 billion yuan, up 72.7% year-on-year.
Speaking separately about the second quarter, it was perhaps the best in the history of the company. The volume of sales of electric vehicles and hybrid cars was a record and amounted to 700.2 thousand units. As a result, revenue for the quarter reached approximately 140 billion yuan. Net profit, according to Reuters estimates, rose by almost 145% to 6.82 billion yuan ($930 million).
According to Reuters, the Chinese company has entered into a price war with Tesla. Since the beginning of the year, BYD has launched new versions of eight of its models, while prices for them have been 4-25% lower than for previous versions. Despite this, the Chinese manufacturer’s operating margin rose from 17.86% to 18.73% in the second quarter. For comparison: Tesla, BYD’s main competitor in the market, has, on the contrary, decreased its margin – from 19% to 18.1%.
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