BYD Expects Net Profit to Soar in the First Half of 2023, With June Sales of New Energy Vehicles Exceeding 250,000
Leidi.com Rakuten, July 14 – Chinese electric vehicle manufacturer BYD announced today that it expects its net profit for the first half of 2023 to reach between 10.5 billion and 11.7 billion yuan, representing a staggering increase of 192.05% to 225.43% compared to the same period last year. After deducting non-recurring gains and losses, the company’s net profit for the first half of the year is projected to be between 9.3 billion and 10.3 billion yuan, an increase of 206.99% to 240% year-on-year.
BYD attributes this impressive growth to the continued rapid expansion of the new energy vehicle industry. The company’s sales of new energy vehicles have experienced strong growth on a high base from the same period last year, leading to an increase in market share and strengthening BYD’s position as a leader in the industry.
Despite heightened competition in the automotive sector, BYD has managed to maintain a high level of profitability. The company’s success can be attributed to its continuously improving brand power, expanding scale advantages, robust cost control capabilities within the industrial chain, and the decline in upstream raw material prices.
BYD also revealed that its mobile phone components and assembly business contributed to its improved profitability. Factors such as an increase in the share of major customers, growth in emerging businesses like new energy vehicles and smart products, higher capacity utilization, and business structure optimization have all played a role in this significant improvement.
In June 2023, BYD sold a total of 253,046 new energy vehicles, including 251,685 passenger vehicles, marking an impressive year-on-year increase of 88.2%. In terms of output, BYD produced 252,700 vehicles in June, an 87.47% growth compared to the same period last year.
The Dynasty and Ocean car series, which are the main sales drivers for BYD, recorded cumulative sales of 240,535 units in June, representing a year-on-year increase of 79.8%. The Tengshi brand sold 11,058 vehicles during the same period.
BYD’s strong performance in the first half of 2023 showcases the company’s commitment to sustainable growth and innovation in the new energy vehicle industry. With the continued support of Chinese consumers and favorable government policies promoting green transportation, BYD is well-positioned to maintain its leading status in the market.
Lei Di, the media outlet that reported this news, was founded by media personality Lei Jianping. Please credit Lei Di when reproducing this article.