The Chinese electric vehicle and battery manufacturer BYD was able to achieve a net profit of almost 2.8 billion yuan (around 400 million US dollars) in the second quarter of 2022. This represents an increase of 198 per cent compared to the same period last year and an increase of 245 per cent compared to the first quarter of 2022.
The company’s revenue rose 68 per cent year-on-year to 83.77 billion yuan and 25 per cent over the first quarter of 2022, CnEVPost reported. For the full first half of the year, BYD’s sales totalled 150.6 billion yuan – up 66 per cent year-on-year. BYD’s net profit in the first half of 2022 was 3.6 billion yuan, up 206 per cent from the same period in 2021.
BYD sold 355,021 new-energy vehicles (NEVs) in the second quarter, up 256 per cent from 99,828 units sold in the same period last year and 24 per cent higher than 286,329 units sold in the first quarter of 2022.
In the first half of the year, BYD’s share of the Chinese NEV market was 24.7 per cent. Six of the top 10 NEV passenger car sales in China were BYD models. As reported, BYD stopped producing and selling vehicles powered solely by internal combustion engines in March.
After recently announcing its entry into the market with passenger car models in a number of European countries there is only leaked information about which models the Chinese manufacturer plans to offer on the continent. Of course, BYD’s service in Europe will be purely electric.