BYD profits triple in first half of 2023

BYD has reported that its profits for the first half of this year have tripled thanks to record vehicle deliveries.

The company reported a 10.95 billion yuan ($NZ2.53 billion) profit for the first half of the year ended June 30, an increase of 204.7 per cent over the same period last year.

Much of BYD’s growth can be attributed to the brand’s automotive business which accounted for more than 80 per cent of its earnings, helping it retain the position of China’s top-selling carmaker.

This is thanks to a rapid uptake in low or no-emissions passenger cars like plug-in hybrids and electric vehicles, of which BYD sold 1.26 million in the first half of the year. A record 700,244 of those were sold in the second quarter of 2023.

The Chinese carmaker sold 612,435 BEVs between January and the end of June, with 10 per cent of those being exports. However, close rival Tesla managed to outsell BYD with 889,015 EVs.

No doubt bolstering sales is the fact that both carmakers have long been engaged in a price war, lowering the cost of their respective models in an attempt to get ahead of one another.

However, China’s vehicle market is currently experiencing a downturn and the weakening economy has begun to spook buyers, reports Reuters.