Chinese automaker BYD on Monday posted a 204.68% jump in profit in the first half of the year driven by record deliveries.
Chinese carmaker BYD posted a 204.68% jump in profit in the first half of the year driven by record deliveries.
"BYD is targeting mass market where Tesla cannot reach," said Vivek Vaidya, associate partner at Frost & Sullivan, on CNBC's "Street Signs Asia" Tuesday. Thanks to record deliveries, the Chinese electric car maker on Monday posted a 204.68% jump in net profit for the first half of the year — that's net earnings of 10.95 billion yuan in the January to June period, compared to 3.59 billion yuan a year earlier.
The strong numbers were mainly attributable to rapid growth in the new energy vehicle business, the firm said in aRevenue in the first six months increased 72.72%, compared to the first half of 2022, according to the stock filing.
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