Sat, Oct 12, 2024

Chinese electric vehicle manufacturer BYD reveals how much it earns

Chinese electric vehicle manufacturer BYD reveals how much it earns

BYD's net profit increased by 32.8 percent year-on-year to 9.1 billion yuan ($1.27 billion) in the second quarter of the year despite its aggressive pricing policy.

China-based electric vehicle manufacturer BYD shared its financial results for the April-June period of the year.

Accordingly, the company's revenues increased by 25.9 percent in the April-June period compared to the same period of the previous year, reaching 176.2 billion yuan ($24.7 billion).

BYD's net profit in the same period increased by 32.8 percent compared to the previous year, reaching 9.1 billion yuan ($1.27 billion).

The company, which announced that it would also invest $1 billion in Turkey, was leading a long-running price war with aggressive discounts on its best-selling models in electric cars.

Expanding its international presence, BYD has significantly expanded its market share in China, leaving German carmaker Volkswagen far behind as the leading carmaker.

BYD managed to increase its net profit by more than 30 percent in the second quarter thanks to its expanded market leadership.

BYD produces most of the components used for car production, such as batteries, in its own facilities with its vertical integration strategy. The company aims to increase its sales by 20 percent annually.

BYD, China's top-selling carmaker, also aims to make its overseas sales account for almost half of its total sales in the future, and states that it will continue to establish global production centers to overcome prohibitive customs duties.

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