Surge in BYD’s H1 net earnings
Print Edition
Net profit for BYD, a Chinese carmaker which counts American billionaire investor Warren Buffett as an investor, surged in the first half of this year from a year earlier as it gained from rising car sales.
Its net earnings in the January-June period totaled 426.9 million yuan (US$70 million), 26 times higher than the 16.3 million yuan profit a year earlier, the Shenzhen-based and Hong Kong-listed company said in a statement on Sunday. Revenue climbed 13 percent to 24.2 billion yuan.
Sales of the company’s mostly gasoline-powered autos jumped 24.7 percent in the first six months to about 250,000 units, outpacing the 12.3 percent overall growth of China’s auto industry.
As it drives into the second half of the year, BYD said it will launch several models, including a new high-end S7 SUV after the success of its best-selling S6. It hopes emerging consumption in third- and fourth-tier cities will further power its sales growth.
BYD also said it will tap opportunities in electrification of public transport to promote the use of new-energy vehicles in China.
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