Posted on 29 Aug 2024
BYD, the world's largest electric car maker based in Shenzhen in South China's Guangdong province, saw its net profit climb by 24.4% on year to hit Yuan 13.6 billion ($1.9 billion) in the first half of this year, the company said in a stock exchange filing on Wednesday.
The company raked in total revenue of Yuan 301.1 billion in H1, higher by 15.8% on year, with that from its automobile business segment growing 9.33% on year to reach Yuan 228.3 billion, according to the release.
BYD sold 1.6 million units of new-energy vehicles over January-June, a jump of 28.5% compared to the same period last year. Of these, electric cars and plug-in hybrids recorded 726,200 units and 881,000 units, respectively, up 17.7% and 39.5% on year, Mysteel Global learned.
As for exports, BYD delivered 203,000 units of automobiles to overseas markets in the first six months, surging by 173.8% on year.
Despite its rising earnings, the carmaker pointed out in the release that China's automotive industry was faced with a complex macro environment, slow domestic demand growth, and greater inventory pressure during H1.
Source:Mysteel Global
