Global Markets: BYD posts first quarterly profit rise in over a year

Chinese electric vehicle maker BYD on Friday 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 straight quarters of declines 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.