BYD posts first quarterly profit rise in over a year
Overseas sales jumped 82.5% to 471,091 vehicles, lifting margins as BYD’s domestic deliveries continued to lag, analysts said.
- On Friday, Chinese electric vehicle maker BYD posted its first quarterly profit rise in over a year, with net profit jumping 29.8% year-on-year to 8.2 billion yuan as exports surged.
- Domestic demand remains weak amid reduced trade-in subsidies, a prolonged property downturn, and lingering concerns over income and job prospects, forcing BYD to rely on international markets for growth.
- Overseas shipments jumped 71% in the first half to more than 790,000 vehicles, accounting for 44% of total sales, while gross profit margin from international operations rose to 22%.
- Shanghai-Based Automotive Foresight managing director Yale Zhang noted domestic vehicle sales are declining and price competition remains fierce, with rival SAIC Motor also reporting 72% profit growth.
- Analyst Zavier Wong at trading platform eToro cautioned that while exports offer relief, "BYD is attempting the same, but compressing it into a much shorter time frame" against established global brands like Toyota.
26 Articles
26 Articles
BYD sales outside China increased by more than 30 percent, acueurdo with company data.
The profit of Chinese electric car maker BYD has risen for the first time in five quarters. The automaker benefited from a significant increase in sales in countries outside China and increased demand for some of its more expensive models.
Chinese automaker BYD increased its net profit in the second quarter by 30 percent year-on-year to 8.2 billion yuan (25.3 billion crowns). Quarterly profit rose for the first time in more than a year. This was helped by a recovery in exports, which offset weak domestic demand. The company, which is the world's largest manufacturer of electric vehicles by sales volume, reported this in its earnings report on Friday.
Coverage Details
Bias Distribution
- 62% of the sources lean Right
Factuality
To view factuality data please Upgrade to Premium
