Chinese electric car maker BYD Co Ltd posted a 203.6% rise in first-half profit ...
SHANGHAI - Chinese electric car maker BYD Co Ltd posted a 203.6% rise in first-half profit on Wednesday, as China’s new energy vehicle market continues to surge.
The Shenzhen-based company, which is backed by U.S. investor Warren Buffett and whose products include battery electric and plug-in hybrid vehicles, posted net profit of 1.45 billion yuan , up from 479.10 million yuan a year earlier. Overall sales of NEVs in China rose 49.6% in the first six months of this year from a year earlier, but those sales fell 4.7% in July, the first drop in more than two years, as China cut subsidies on such vehicles from July.
BYD, which has a joint venture with Daimler, said the subsidies cut was likely to pressure companies in the industry in the short term, but would promote its healthy development over the long term.
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