BYD’s semi-annual net profit zooms up 203.61% amongst China’s NEV bloom

Shanghai (Gasgoo)- BYD Company Limited (hereinafter referred to as BYD) announced on August 21 that its first-half net profit attributable to stake holders of the public company surge 203.61% over a year ago to RMB1,454,573,000.

Semi-annual revenue rose 14.84% year on year to RMB62,184,263,000.

(Photo source: BYD's WeChat account)

Of that, the revenue from the company's automobile-related business climbed 16.27% from the year ago to RMB33.982 billion. For the first half of 2019, the Shenzhen-based automaker sold a total of 228,072 vehicles, a slight year-on-year increase of 1.59%.

“According to the statistics from China Association of Automobile Manufacturers (CAAM), in the first half of 2019, the production and sales volume of automobiles in China amounted to 12,132,000 units and 12,323,000 units respectively, down by 13.7% and 12.4% year on year,” BYD said in its interim result announcement.

However, NEV business in this country “continued to buck the trend and maintained growth with production and sales volume reaching 614,000 units and 617,000 units respectively, up by 48.5% and 49.6% year on year”, BYD added.

(Photo source: BYD)

The general NEV upward impetus also positively impinged on the NEV business of BYD. For the first six months, the company saw its NEV sales volume remarkably jump 94.5% to 145,653 units, despite a sharp decrease in first-half sales volume of fuel-burning vehicles.

During the reporting date, BYD's income of NEV business leapt 38.77% from the year-ago period to RMB25.448 billion with its percentage of the company's total businesses rising to 40.92%.

Regarding the overall NEV market in China, the market shares of BYD's NEVs grew to 24% for the first half of 2019 from 20% for the year of 2018, BYD said, citing the data offered by the CAAM.

As of July 2019, BYD has commenced cooperation with Toyota to jointly develop electric vehicles targeting Chinese market. The two parties will give full play to their respective technological advantages and R&D experience in the fields of automobile and EIC to jointly facilitate the promotion and industrial development of pure electric vehicles