China’s electric car boom continues as BYD’s profit triples

BYD sold 145,653 so-called new energy vehicles between January and June, up 94.5% from a year earlier. It also sold 82,419 refueling cars, down 44.9%.

The Shenzhen-based company, backed by US investor Warren Buffett and whose products include electric batteries and hybrid vehicles with outlets, posted net profit of 1.45 billion yuan ($ 205.29 million), up from 479.10 million yuan a year earlier.

Chinese electric car maker BYD Co Ltd posted a 203.6% increase in first-half earnings Wednesday as China’s new energy vehicle market continues to grow.

Revenue rose 14.8% to 62.18 billion yuan from 54.15 billion yuan.

BYD, whose models include the Song series and the Qin Hybrid plug-in electric vehicle, aims to switch to fully electric vehicles. It said it would develop battery-powered (EV) vehicles with Toyota Motor Corp. last month.

NEV’s overall sales in China rose 49.6% in the first six months of this year from a year earlier, but those sales fell 4.7% in July, the first decline in more than two years as China cut subsidies. for such vehicles from July.

The China Automobile Manufacturers Association has cut its forecast for NEV sales this year to 1.5 million from 1.6 million.

BYD, which has a joint venture with Daimler, said the subsidy cut would likely affect companies in the industry in the short term, but would promote its healthy development in the long run.

BYD will launch models such as the e2, e3 and a rebuilt Qin in the second half of this year, and expects the new models will further drive sales growth and support the group’s leadership position in the industry, it said. in the folder.

China is considering offering favorable treatment to other vehicle technologies, including hybrid gasoline vehicles, as a way to diversify environmentally friendly vehicles amid a wider push to green./Investing.com

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