BYD sells more plug-ins and notes much higher profits than a year ago.
According to the financial report for the first half of 2019, Chinese plug-in electric vehicle manufacturer increased its:
- NEV sales by 95% to 145,653
- revenues by 14.8% to 62.18 billion yuan ($8.78 billion) from 54.15 billion year ago
- and net profits by 204% to 1.45 billion yuan ($205 million), up from 479.10 million yuan year ago
The profits surge is especially interesting. Overall margins exceed 2%, which is probably a good thing taking into consideration investments in battery manufacturing and new/upgraded models.
We already saw that in July sales decreased as a consequence of lower incentives for NEVs in China, which raises questions about the near-term perspectives.
BYD's conventional vehicle sales decreased 45% to 82,419, so all the growth is related to plug-ins.
Source: Automotive News China