BYD, the Chinese carmaker that recently overtook Tesla as the world’s largest electric vehicle maker, more than tripled its first-half profit on the back of a 300% jump in sales. In the process it handily beat analysts’ estimates, reports the South China Morning Post.
Net profit from January to June hit RMB 3.6 billion ($520 million), compared with RMB 1.17 billion a year ago, while revenues rose 65.7% to RMB 15 billion, according to its interim report published after the market close on Monday. The earnings per share of RMB 1.24 ($0.18) beat a median forecast of RMB 0.42, Bloomberg’s survey of analysts showed.
BYD achieved its first-half profit despite a strained automotive supply chain when citywide lockdowns in Shanghai and Changchun, the two major car-making bases in China, forced thousands of assemblers and component makers to at least partially suspend production between March and May.