Chinese electric-vehicle maker BYD profits surged more than 200% driven by recor...

Chinese electric-vehicle maker BYD profits surged more than 200% driven by record car sales

Chinese electric-vehicle maker BYD profits surged more than 200% driven by record car sales

6 hours ago

Chinese electric-vehicle maker BYD Co. delivered solid first half 2022 results, with net profit surging 206.35% and revenue rising 65.71% year-over-year.

BYD booked a total revenue of 150.6 billion yuan (US$21.8 billion), up 66% from a year earlier driven by record monthly sales, while net income came in at 3.6 billion yuan ($521 million), up 206.35 percent year-over-year.

It is worth noting that the total new energy car sales of BYD in first seven months of this year is more than in 2020 and 2021 combined. The record sales was driven by China’s green transition, BYD took lion shares of China’s NEV market with 24.7% in the first half.

BYD has managed supply-chain disruptions better than many domestic rivals, including Nio Inc., XPeng Inc, and Li Auto Inc. thanks to all-round capabilities that makes car components such as batteries and semiconductors.

Revenue from automobiles and related products rose 130% to about 109 billion yuan in the first half, while handset components, assembly services and other products dropped 4.8% to 41 billion yuan, BYD said.

BYD is expanding beyond domestic market, the company has announced sales in seven new markets in recent months, including Japan, Thailand and Germany.

In addition, BYD recently has delivered its blade battery to Tesla’s factory in Berlin, German-made Model Y will be Tesla’s first model to equip with the battery starting from next month.

The news confirmed the statement made by Lian Yubo, executive vice president and president of BYD’s automotive engineering research institute, who was asked if he sees Tesla as competition.

Lian answered “Tesla is a very successful company no matter what, BYD respects Tesla and we admire Tesla. We are good friends with Elon Musk, and we will soon supply him with batteries.”

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