BYD, a prominent Chinese electric vehicle manufacturer, has experienced a substantial increase in vehicle sales.
Prominent Chinese electric vehicle producer BYD (Create Your Desires) saw a substantial rise in car sales during the initial six months of the year. The revenue surged by approximately 15.8% year-on-year, reaching approximately 301 billion yuan (roughly 38 billion euros), as per announcements made on Wednesday by the company. The net profit also saw a notable hike of around 24.4%, resulting in BYD earning around 1.7 billion euros.
China, being the global leader in electric vehicle demand, intends to have electro-powered cars comprising the majority of new vehicles by 2035. Government incentives have substantially stimulated sales recently. For the first time, over half of new registrations in China in July were either fully electric or hybrid vehicles.
Initially, BYD was primarily a battery manufacturer, but delved into car production back in 2003. Well-known brands like BMW, Mercedes, Audi, Toyota, and Tesla source batteries from BYD.
The generous government subsidies have sparked the emergence of numerous electric vehicle manufacturers in China lately, leading to intense competition and price rivalries. Manufacturer YPeng reported a loss in the second quarter recently.
The export market is gaining significance for manufacturers. Meanwhile, allegations of unfair competition and illegal subsidies for Chinese electric vehicle manufacturers by the US, Canada, and the EU have led to the imposition of significant additional tariffs.
The success of BYD in the electric vehicle market is not limited to China, as prominent international brands like BMW, Mercedes, Audi, Toyota, and Tesla purchase batteries from them. Despite the allegations of unfair competition and illegal subsidies, Chinese electric vehicle manufacturers, including BYD, continue to expand their export markets.
