BYD, a prominent Chinese electric vehicle manufacturer, has witnessed noteworthy vehicle sales increases.
Major Chinese EV producer BYD (Dreambuilders), known for its vehicles, saw a substantial surge in sales during the initial half of the year. The revenue grew by approximately 15.8% annually, reaching approximately 301 billion yuan (around 37.7 billion Euros), as stated by BYD on a recent Wednesday. The profit also observed an increase of approximately 24.4%; BYD reported a net profit of roughly 1.7 billion Euros.
China, the planet's top market for electric vehicles, aspires to make electric power the primary source of energy for most of its new-model cars by 2035. Favorable incentives have fueled sales escalation in recent days. For the first time, half of all new vehicle registrations in China in July were either purely electric or hybrid vehicles.
BYD, initially an electric battery manufacturer, ventured into automobile production in 2003. Renowned companies such as BMW, Mercedes, Audi, Toyota, or Tesla procure batteries from BYD.
The generous state subsidies have given rise to numerous electronic vehicle manufacturers in China in recent times, now grappling with cutthroat competition and price battles. Manufacturer XPeng incurred a loss in the second quarter at the beginning of the month.
Export markets are gaining greater significance for manufacturers. Concurrently, the USA, Canada, and the EU level accusations against China for unjust competition through illegal subsidies to its electric vehicle manufacturers and have levied significant additional tariffs.
In the competitive landscape of electric vehicle (EV) manufacturers in China, numerous companies have emerged due to generous state subsidies.In the face of cutthroat competition and price battles, BYD, initially an electric battery manufacturer, has also expanded its operations to include automobile production.
