Chinese electric vehicle maker BYD today posted its first quarterly profit rise in more than a year, helped by a surge in exports that offset weak domestic sales.
The world’s largest EV maker by shipments has been at the forefront of Chinese automakers’ overseas push, gaining market share across Europe and Southeast Asia, as it looks to reduce its reliance on an increasingly crowded home market.
Net profit rose 29.8% year-on-year to 8.2 billion yuan ($1.22 billion) in the second quarter, ending four quarters of declines in a row and reversing a 55.4% drop in the preceding quarter, according to Reuters calculations based on a stock exchange filing.
Revenue slipped 3.2% to 194.6 billion yuan in the quarter, easing from an 11.8% fall in the first quarter and extending a run of quarterly declines for a fourth quarter.
