Annual profits

Electric car maker BYD profits up 14.3% as mask manufacturing pays off, Auto News, ET Auto

The Shenzhen-based company is backed by US investor Warren Buffett.

BEIJING: BYD Co Ltd, a major electric vehicle maker in China, said on Friday it had become the world’s largest mask maker, helping it post a 14.3% rise in profits on Friday in the first half year, even as car sales fell due to the covid19 pandemic.

BYD, which started making masks at the start of this year, shortly after the start of the COVID-19 epidemic, did not give details but said it had become the largest manufacturer of masks to the world. In May, he said he could make 50 million masks a day.

The Shenzhen-based company, which is backed by US investor Warren Buffett and whose products include battery-electric vehicles and plug-in hybrid vehicles, reported net profit of 1.66 billion yuan (241.80 million yuan). dollars), compared to 1.45 billion yuan in the same period of the year. earlier, beating Refinitiv Eikon’s analysts estimate of 1.63 billion yuan.

BYD sold 60,677 new energy vehicles (NEVs) between January and June, down 58% from the previous year. It also sold 97,951 gasoline cars, up 19%. NEVs include battery-powered electric vehicles, plug-in gasoline-electric hybrid vehicles, and hydrogen fuel cell vehicles.

Revenue fell 2.7% to 60.5 billion yuan from 62.2 billion yuan a year earlier.

Car sales have been hit hard by the COVID-19 crisis, and overall sales of NEV in China, the world’s largest auto market, have fallen 37.4% in the first six months of this year compared to to the previous year.

The China Automobile Manufacturers Association forecasts NEV sales of 1.1 million vehicles this year, down about 11% from last year.

BYD estimated a profit of 2.8 billion to 3 billion yuan in the first nine months of this year, up 78% to 91% from the same period last year, as overall sales of automobiles in China are recovering.

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