BYD's First-Half Net Income Triples to Top End of Forecast

Bloomberg2022-08-29

BYD Co.’s net income rose to the top end ofguidanceit gave last month as record output and sales shielded China’s biggest electric-vehicle maker from Covid disruptions and supply-chain pain.Net income...

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Comments

Bull1973
2022-08-30
Bull1973
Ok
missychatty
2022-08-30
missychatty
Ok
Hayz
2022-08-30
Hayz
BYD is leading car maker in PRC.
SPOT_ON
2022-08-30
SPOT_ON
Wow
rich9888H
2022-08-30
rich9888H
Great 👍
skyblue8
2022-08-29
skyblue8
Seems the stronger bet amongst all the Chinese EVs

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Sporadic virus outbreaks in China aggravated supply-chain tensions and increased uncertainty, it said.“China’s economy has seriously deviated from the normal track” and the development of the country’s automobile industry “has been severely compromised,” BYD said. Still, sales of NEVs are growing, helped by supportive government policies, it said.Revenue from automobiles and related products rose 130% to about 109 billion yuan in the first half, while handset components, assembly services and other products dropped 4.8% to 41 billion yuan, BYD said.Chinese Premier Li Keqiang toured BYD’s headquarters in Shenzhen earlier in August and vowed to boost already growing sales of electric cars and keep preferential policies in place. China is the world’s biggest EV market.BYD could deliver 1.5 to 2 million vehicles this year as capacity expands to meet a backlog of orders, according to Bloomberg Intelligence analysts Steve Man and Joanna Chen. “Higher selling prices and greater production scale should lift profitability,” they wrote in a research note dated Aug. 8.The company is expanding overseas, announcing sales in seven new markets in recent months, including Japan, Thailand and Germany.Shares are down about 1% this year, but wild swings in EV stocks mean BYD has fallen as much as 37% and climbed as much as 24% in the period. Earlier in the year, BYD overtook Volkswagen AG as the world’s third most valuable automaker, behind Toyota Motor Corp. and Tesla Inc.Much of the movement stem from a stake matching the size of Berkshire Hathaway Inc.’s position in BYD appearing in Hong Kong’s stock market clearing system. 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