BYD H1 profit triples from booming NEV sales

Xinhua News Agency | Aug 23, 2019 at 10:33 AM

SHENZHEN, Aug. 23 (Xinhua) -- China's leading new energy vehicle (NEV) manufacturer BYD reported a year-on-year rise of 203.6 percent in net profit for the first half of 2019 on booming NEV sales.

Its net profit reached 1.45 billion yuan (about 205 million U.S. dollars), compared to 479 million yuan in the same period last year, the Shenzhen-based company said in its interim statement filed to the Shenzhen Stock Exchange.

The figure hit the lower end of its earnings guidance issued in April.

During the January-June period, its revenue grew 14.8 percent year on year to 62.2 billion yuan. The revenue from the NEV sector surged 38.8 percent to 25.5 billion yuan.

Despite sluggish sales for gasoline-powered vehicles, the NEV market has experienced a boom in China.

In the six months, the automobile sales in China fell 12.4 percent year on year to 12.3 million units while the NEV sales soared 49.6 percent to 617,000 units, according to the China Association of Automobile Manufacturers.

During the period, BYD's NEV sales totaled 145,653 units, up 94.5 percent year on year. The rapid growth helped raise its NEV market share in China to around 24 percent in H1 from 20 percent last year, according to the interim statement.