Tesla Rival BYD Speeds Ahead with 200% Jump in First-Half Earnings to $1.5bn

Net income for China’s dominant EV maker peaked at a new record as the Warren Buffett-backed group thrived amid price wars.

• China’s leading electric-car maker BYD is pulling ahead in the race for hybrids and battery-powered vehicles. BYD 1211, traded in Hong Kong, reported a blowout first-half earnings report, picking up Rmb10.95bn, or $1.5bn in net income. The figure is 205% higher than the year-ago span.
• Here’s the full scoop: sales and gross profits arrived at $21bn and $3bn, respectively. BYD, which is Tesla’s main rival in China and is backed by Warren Buffett, delivered 1.2 million passenger vehicles, up nearly 100% from the same period of 2022. Gross profit margins hit 13.5%.
• The exceptional net earnings for the car maker follow a 400% jump in annual net profit in 2022. Factor in the ongoing price wars domestically, and you’ve got a pretty decent performance, launching BYD at the forefront of the competitive EV market.