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BYD H1 Profit Triples as China's Electric Car Boom Continues

Auto News - Published on Mon, 26 Aug 2019

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Chinese electric car maker BYD Co Ltd posted a 203.6% rise in first-half profit, as China's new energy vehicle market continues to surge. The Shenzhen-based company, which is backed by US investor Warren Buffett and whose products include battery electric and plug-in hybrid vehicles, posted net profit of 1.45 billion yuan (USD 205.29 million), up from 479.10 million yuan a year earlier. BYD sold 145,653 so-called new energy vehicles between January and June, up 94.5% from a year earlier. It also sold 82,419 fuel cars, down 44.9%. Revenue rose 14.8% to 62.18 billion yuan from 54.15 billion.

BYD, whose models include the Song series and the Qin plug-in hybrid electric vehicle, aims to move to completely electric-powered vehicles. It said last month it would develop battery electric vehicles with Toyota Motor Corp.

Overall sales of NEVs in China rose 49.6% in the first six months of this year from a year earlier, but those sales fell 4.7% in July, the first drop in more than two years, as China cut subsidies on such vehicles from July.

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Posted By : Mohan Sharma on Mon, 26 Aug 2019
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