BYD projected on Watch Project Power OnlineFriday that its net profit for the first half of 2023 could nearly triple last year’s figures to RMB 10.5 billion ($1.46 billion) or more. The Chinese automaker’s robust sales, despite intense competition in China, indicate the possibility of second-quarter profits surpassing market expectations of at least RMB 6.3 billion, Citi analyst Jeff Chung noted. BYD earned over RMB 4.1 billion in the first three months of this year. The strong performance of the Shenzhen-based electric vehicle giant can be attributed to its improved brand image, cost control capabilities, and declining prices of battery raw materials. As of June, BYD’s year-to-date sales grew by an impressive 94% compared to the previous year, reaching nearly 1.3 million units. The company is now trying to achieve its annual target of 3 million cars this year. [CLS, in Chinese]
