|
Net
profit hit 9.1 billion yuan ($1.3 billion) in the April-June
quarter, while revenue was up 25.9% from a year earlier at 176.2
billion yuan, it said in a stock exchange filing.
For the first half as a whole, net profit jumped 24.4% to 13.6
billion yuan.
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% in the first seven months. It is
expected to unseat Tesla as the largest EV vendor this year with
a 17.7% share of the global market, versus Tesla's 17.2%,
according to Counterpoint Research estimates.
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.
BYD has also expanded its international presence, such as in
Europe and Mexico, where it has plans to set up manufacturing.
The company is facing a 17% additional tariff for exporting EVs
from China to countries in the European Union.
Overseas shipments accounted for 11.9% of BYD's total car sales
in the first seven months of the year, nearly double the number
for the same period last year, according to Reuters'
calculations based on BYD's monthly data.
($1 = 7.1252 Chinese yuan renminbi)
(Reporting by Qiaoyi Li, Zhang Yan and Kevin Krolicki; Editing
by David Goodman and David Holmes)
[© 2024 Thomson Reuters. All rights
reserved.]
This material may not be published,
broadcast, rewritten or redistributed.
Thompson Reuters is solely responsible for this content.
|
|
