BYD has recorded its first quarterly profit increase in over a year. This is mainly due to a surge in exports that offset the decline in domestic market sales. Reuters reports this, specifying, however, that the recovery was weaker than expected. The trend was in fact below the forecasts of Morgan Stanley, UBS, Citi, Deutsche Bank, and CMBI, which predicted an average profit increase of 48% in the second quarter, compared to the +30% recorded year-on-year.
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BYD returns to profit growth
In particular, net profit rose to 8.2 billion yuan, equivalent to about 1.22 billion dollars, during the second quarter. A figure that puts an end to four consecutive quarters of decline and thus reverses the negative trend of 55% recorded in the previous quarter. Furthermore, revenue fell by 3.2% to 194.6 billion yuan, contrary to the 12% decrease recorded in the first quarter, extending for the fourth consecutive quarter a series of quarterly declines. The contrast between these two financial realities reflects a sales mix improvement.
Exports on the rise
From this point of view, exports have remained a key growth factor for the Chinese tech company. Specifically, overseas shipments increased by over 70% in the first six months of the year, reaching over 790,000 vehicles, accounting for 44% of total sales. On the other hand, it should be noted that BYD has intensified its global expansion in recent years. In addition to expanding its presence in Europe, the company launched a low-cost electric vehicle in Japan last month, marking its entry into the country’s popular minicars segment.
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