BYD profits rise 29% on higher green vehicle volume
BYD Co. posted a 29 percent rise in first-half net profit on rising sales of its hybrid and electric vehicles.
Sales of its "new energy" vehicles more than doubled, BYD said in a statement to the Shenzhen Stock Exchange on Wednesday, helping to lift net profit to 466.7 million yuan ($72.81 million) in the first six months of the year, up from 360.7 million yuan a year earlier.
That matched the company's forecast in April for net profit between 400 million yuan and 480 million yuan.
The Shenzhen-based carmaker's revenues rose 18 percent to 31.6 billion yuan.
The company, which started out as a manufacturer of mobile phone batteries, began making cars in 2003 with a focus on hybrid and electric vehicles.
Its plug-in hybrid BYD Qin sedan is China's best-selling vehicle in a market that has benefited from the government's tightening standards on fuel economy, as well as subsidies and tax breaks for certain green energy vehicles.
That matched the company's forecast in April for net profit between 400 million yuan and 480 million yuan.
The Shenzhen-based carmaker's revenues rose 18 percent to 31.6 billion yuan.
The company, which started out as a manufacturer of mobile phone batteries, began making cars in 2003 with a focus on hybrid and electric vehicles.
Its plug-in hybrid BYD Qin sedan is China's best-selling vehicle in a market that has benefited from the government's tightening standards on fuel economy, as well as subsidies and tax breaks for certain green energy vehicles.
