Manufacturing News

BYD profits rise 29% on higher green vehicle volume

BYD Co. posted a 29 percent rise in first-half net profit on rising sales of its hybrid and electric vehicles.

Sales of its "new energy" vehicles more than doubled, BYD said in a statement to the Shenzhen Stock Exchange on Wednesday, helping to lift net profit to 466.7 million yuan ($72.81 million) in the first six months of the year, up from 360.7 million yuan a year earlier.

That matched the company's forecast in April for net profit between 400 million yuan and 480 million yuan.

The Shenzhen-based carmaker's revenues rose 18 percent to 31.6 billion yuan.

The company, which started out as a manufacturer of mobile phone batteries, began making cars in 2003 with a focus on hybrid and electric vehicles.

Its plug-in hybrid BYD Qin sedan is China's best-selling vehicle in a market that has benefited from the government's tightening standards on fuel economy, as well as subsidies and tax breaks for certain green energy vehicles.

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