BYD has reported a more than 200 per cent jump in first-half earnings as Tesla’s main Chinese rival shrugged off an intense price war that has battered foreign groups and smaller start-ups in the world’s biggest car market.
BYD said on Monday that net income rose 205 per cent to Rmb10.95bn ($1.5bn) in the six months to the end of June as the Warren Buffett-backed group cemented its dominance over the market for plug-in hybrid and battery-powered electric vehicles in China. Revenue was up 73 per cent to Rmb260.1bn.
The result, which was published after markets closed in China on Monday, follows a 400 per cent jump in annual net profit in 2022. It comes despite a price war that has squeezed both smaller companies and larger auto groups in China. And it signals the latest warning to automakers around the world as BYD sharpens its focus on exporting its low-cost EVs to foreign markets.