BYD tripled its profit in the first half of the year and sales also increased. This was mainly due to electric vehicles, where BYD almost doubled its sales, while combustion engine sales figures were almost halved.
According to the Chinese group, their profits in the first six months totalled 1.45 billion yuan (205 million dollars), representing growth of 203.6 per cent over the same period last year. Sales rose by 14.8 per cent to 62.18 billion yuan or 8.8 billion dollars.
In terms of vehicle sales, from January to June, BYD sold 145,653 BEV and PHEV (up 94.5 per cent compared to H1 2018), while sales of combustion engines fell by 44.9 per cent to 82,419 vehicles. However, in total (228,072 vehicles) BYD sold only 1.59 per cent more cars.
In the electric bus business, BYD dominates the global market. In January this year, the Chinese EV giant churned out its 50,000th electric bus. BYD, short for Build Your Dreams, has less global competition from the manufacture of electric buses and trucks. In the meantime, BYD boasts electric bus manufacturing sites in California, France, Hungary and a joint venture in the UK, aside from, of course, its four plants in China. Just last month the company announced plans for an electric bus montage plant in Canada and a BYD-Olectra joint venture to build a second e-bus plant in India.
Of course, these above-mentioned sales figures do not include the slump in July, after the government cut important subsidies for New Energy Vehicles (NEV) which affect electric car sales. BYD was nevertheless optimistic when it presented its half-year figures: the cut in subsidies would put pressure on the industry in the short term, but promote its healthy development in the long term. A small dig at the countless electric car startups from China who have had to adhere to new governmental restrictions in order to regulate EV manufacturing.
In terms of electric cars, BYD intends to launch new models such as the e2 and e3 in the second half of the year, as well as revise the PHEV model Qin. With the new models, the Shenzhen-based company aims to further boost sales growth and support the group’s leading position in the industry. In the future, the BEV cooperation with Toyota announced in July will also help maintain their lead.
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