elective.com — 2022-08-30
Automotive Industry
The Chinese electric vehicle and battery manufacturer BYD was able to achieve a net profit of almost 2.8bn yuan In the Q2 of 2022. This represents an increase of 198% compared to the same period in 2021 and an increase of 245% compared to Q1 of 2022.
The company’s revenue rose 68% year-on-year to 83.77bn yuan and 25% over the first quarter of 2022, CnEVPost reported. For the full first half of the 2022, BYD’s sales totalled 150.6bn yuan – up 66% year-on-year. BYD’s net profit in the first half of 2022 was 3.6bn yuan, up 206% from the same period in 2021.
BYD sold 355,021 new-energy vehicles (NEVs) in the second quarter, up 256% from 99,828 units sold in the same period last year and 24% higher than 286,329 units sold in the Q1 of 2022.
In the first half of 2022, BYD’s share of the Chinese NEV market was 24.7%. Six of the top 10 NEV passenger car sales in China were BYD models. As reported, BYD stopped producing and selling vehicles powered solely by internal combustion engines in March 2022
After recently announcing its entry into the market with passenger car models in a number of European countries there is only leaked information about which models the Chinese manufacturer plans to offer on the continent. Of course, BYD’s service in Europe will be purely electric.