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Chinese Electric Carmaker BYD Posts Record First-Half Earnings 2022-08-31
Chinese Electric Carmaker BYD Posts Record First-Half Earnings
Chinese electric vehicle and power battery giant BYD reported its best-ever first-half profit and revenue thanks to new energy vehicle sales.
Net profit tripled to CNY3.6 billion (USD521 million) in the six months ended June 30 from a year earlier, at the top end of the Shenzhen-based firm’s guidance and more than in the whole of last year, its latest financial results showed yesterday.
Revenue jumped 66 percent to CNY150.6 billion (USD21.8 billion). Income from autos and related products soared 130 percent to about CNY109.3 billion, accounting for 73 percent of the total, while handset components, assembly services, and other products fell 4.8 percent to CNY41.4 billion (USD5.9 billion), making up the rest.
The carmaker, which is backed by US investor Warren Buffet, did not disclose auto sales data for the first half. Its share of China’s new energy vehicle market climbed to 24.7 percent in the period, up from 17.2 percent a year ago, BYD said, citing figures from the China Automobile Association. That restored BYD to the global top spot for NEV sales, the firm said.
But the record-breaking first half failed to boost the company’s share price today. BYD [SHE: 002594] fell 0.9 percent in Shenzhen to close at CNY310.85 (USD44.96). Its Hong Kong-listed stock[HKG: 1211] lost 0.6 percent to HKD262.60 (USD33.46).
BYD said in April that it would stop making fossil fuel-powered vehicles, becoming the world’s first traditional carmaker to do so. Since the start of this year, it has also seen a big increase in sales of hybrid cars, occupying 59 percent of the plug-in hybrid market between January and July.
In the first half, China’s NEV production and sales more than tripled from a year earlier to 2.7 million and 2.6 million, according to data from the China Association of Automobile Manufacturers.
Source: Yicai
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