Electric-vehicle maker BYD delivered solid first-half 2022 financial results, with net profit surging 206.35% and revenue rising 65.71% year-over-year.
BYD (Chinese: 比亚迪汽车), the Chinese electric vehicle firm partly owned by Warren Buffett, has become the world's largest electric vehicle maker in the first half of 2022.
On the back of robust EV demand, BYD Auto has stopped the production of fuel vehicles since this March. The automotive sector will focus on pure electric and plug-in hybrid cars, following the national goal of reducing carbon emissions.
Net income in the six months through June tripled from a year earlier to CNY 3.6 billion (USD 521 million), BYD company said in a filing at the end of trade in Hongkong. Its forecast net profit ranges from CNY 2.8 billion to CNY 3.6 billion.
The total estimated revenue was CNY 150.6 billion, with an increase of 66% from a year earlier driven by record monthly sales, while net income came in at CNY 3.6 billion, up 206.36 percent year-over-year.
In comparison with other homegrown rivals, such as Nio (Chinese: 蔚来汽车), XPeng (Chinese: 小鹏汽车), Li Auto (Chinese: 理想汽车), BYD has supplied components including batteries and selected semiconductors, making it as China's biggest electric-vehicle maker from covid disruptions and supply-chain pain.
It is worth noting that BYD sold more NEVs in the first seven months of this year than in 2020 and 2021 combined. Driven by China's green transition, the group's share of China's NEV market reached 24.7% in the first half, citing data from the country's automobile association.