BYD sees Q2 net profit rise 65% from Q1 to $936 million

BYD reported revenue of RMB 1,399.5 in the second quarter, the second highest on record after the fourth quarter of 2022.

BYD (OTCMKTS: BYDDY) continued to see strong earnings gains in the second quarter.

The Chinese new energy vehicle (NEV) giant saw revenue of RMB 139.95 ($19.2 billion) in the second quarter, the second-highest on record after the fourth quarter of last year, according to a financial report today.

That’s up 67.06 percent year-on-year and 16.45 percent from the first quarter.

The company’s net profit in the second quarter was 6.824 billion yuan ($936 million), up 144.85 percent year-on-year and 65.23 percent from the first quarter, the second-highest on record after last year’s fourth quarter.

BYD sold a record 703,561 NEVs in the second quarter, up 98.17 percent year-on-year and 27.44 percent from the previous quarter, previously announced figures showed.

This NEV sales included 700,244 passenger cars as well as 3,317 commercial vehicles, a year-on-year increase of 98.13 percent and 107.18 percent respectively.

Among passenger cars, BYD sold 352,163 battery electric vehicles (BEVs) in the second quarter, up 95.32 percent year-on-year and up 33.07 percent from the first quarter. Its plug-in hybrid vehicle (PHEV) sales were 348,081 units, up 101.06 percent year-on-year and 22.88 percent from the first quarter.

The company sold 1,255,637 NEVs in the first half of the year, up 95.78 percent year-on-year.

BYD’s passenger BEV sales in the first half of the year were 616,810 units, up 90.66 percent year-on-year, while PHEV sales were 631,351 units, up 100.66 percent year-on-year.

BYD’s revenue in the first half of the year was RMB 260.12 billion, up 72.72 percent year-on-year. Its net profit in the first half of the year was RMB 10.95 billion, up 204.68 percent year-on-year.

Its revenue from automobiles and automobile-related businesses in the first half of the year amounted to RMB 208.82 billion, contributing 80.28 percent of all revenue, up 91.11 percent year-on-year.

BYD’s revenue from its cell phone parts and assembly business in the first half of the year amounted to RMB 51.09 billion, contributing 19.64 percent of all revenue and up 24.40 percent year-on-year.

BYD’s auto business posted a gross profit margin of 20.67 percent in the first half, up 4.36 percentage points from a year earlier. Its cell phone parts and assembly business had a gross profit margin of 8.77 percent in the first half, up 2.7 percentage points from the same period last year.

($1 = RMB 7.2934)

BYD at Chengdu auto show: Seal DM-i and new Tang start pre-sale, Song L makes debut