It's time to take the mask off and show the profits.
The company sold some 60,677 New Energy Vehicles during the period, which is down 58% year-over-year, while the gasoline car sales increased 19% year-over-year to 97,951.
As plug-in vehicle sales halved, we would normally expect BYD to be in deep trouble. However, the quick use of its industrial parks in Shenzhen to produce face masks allowed it to stay in relatively good shape.
By May, BYD expanded its face masks manufacturing capacity to 50 million a day! No details were provided, but it seems that it was quite a good business.
Overall, BYD's revenues in H1 amounted to 60.5 billion yuan ($8.81 billion), down 2.7% year-over-year, while the net profits increased by 14.3% year-over-year to 1.66 billion yuan ($241.8 million).
There are not many car manufacturers that were able to post profits for the first six months and in many cases the losses were at the level of billions of dollars.