Chinese electric cars BYD manufacturer has surprising sales results
Well-known Chinese electric cars BYD manufacturer has surprising sales results. The company became the leader of the segment among all automakers from China.
This is reported by Carscoops. BYD has broken into first place among Chinese automakers in sales of electric cars and PHEVs (hybrid cars with battery charging from the external network), which are combined into electric vehicles in statistics.
The manufacturer has sold 612,425 electric cars since the beginning of 2023 and increased profits by 204.7% compared to the first half of 2022. But it is still less than Tesla which sold 889,015 cars.
BYD is boosting sales with low-cost models in its home market.
Source: BYD
The Chinese company reported a net profit of 10.95 billion yuan or $1.5 billion for the first half of 2023. That's a significant increase from 3.6 billion yuan ($493 million) in the first half of 2022. In addition, BYD's profits jumped in the second quarter to 6.82 billion yuan (144%). This is five times higher than the same period last year.
BYD's electric cars are sold in 54 countries. That seems like a lot and the company is indeed expanding its international markets. However, only 10% of its sales come from export markets.
Earlier OBOZREVATEL reported on Ford models, which the manufacturer decided to get rid of in favor of new electric cars.
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