Record sales helped the Chinese electric car manufacturer BYD to jump in profits in the first half of the year.
The company earned more than three times as much as a year ago, as the Tesla competitor announced on Monday after the close of trading in Asia. The bottom line is that the profit in the six months to the end of June was the equivalent of almost 1.3 billion euros, which is 204.7 percent more than in the previous year. Sales soared by 72.7 percent to around 33 billion euros.
The company, whose investors include Warren Buffett’s Berkshire Hathaway, has massively expanded its market share in China and overtook Volkswagen as the leading automaker for the first time in October. Since then, BYD has held its own despite a raging price war and falling demand. However, according to Reuters calculations, BYD also offers new vehicles up to a quarter cheaper than their predecessors. This is also reflected in the figures: According to Reuters calculations, the increase in profits in the second quarter was lower than at the beginning of the year.
On Tuesday, BYD shares in Hong Kong temporarily rose 4.88 percent to CNY 247.03.
Beijing (Reuters)
Selected leveraged products on Berkshire Hathaway Inc. B
With knock-outs, speculative investors can participate disproportionately in price movements. Simply select the desired leverage and we will show you suitable open-end products on Berkshire Hathaway Inc. B
Leverage must be between 2 and 20