BYD First Overtakes Tesla by Gross Margin, Profit Triples in H1 Despite Price War

BYD's gross profit margin in Q2 increased 4.33 percentage points year-over-year to 18.72%, while Tesla's margin, , dented by major price cuts, fell to 18.2%, the lowest in four years.

BEIJING, August 29 (TMTPost)— China’s top electric vehicle (EV) manufacturer BYD Co. Ltd delivered a robust growth in the first half of the year despite ongoing price war.

Credit:Visual China

Credit:Visual China

BYD’s net income surged 204.68% year-over-year (YoY) to RMB10.95 billion (US$1.4 billion) in the first six months of the year, roughly in line with its preliminary estimates, and revenue rose 72.72% YoY to RMB 26 billion, according to a half-year report earlier this month. The Shenzhen-based company expected in July a net income range between RMB10.5 billion and RMB11.7 billion from January to June, representing a YoY growth range between 192.05% and 225.43%.

The report suggested BYD generated RMB14 billion with a YoY increase of 67% in the quarter ended June 30, the slowest quarterly growth in more than a year, while the net income jumped 133.97% to RMB7.07 billion, gaining 65.2% from a previous quarter. More surprisingly, gross profit margin in the June quarter increased 4.33 percentage points to 18.72%, for the first time overtaking its rival Tesla. The U.S. EV giant’s gross margin fell 6.8 points YoY to 18.2% in the second quarter. That was the lowest margin in four years, highlighting the profit was severely dented by major price cuts. But CEO Elon Musk signaled his company still could further cut prices at an earnings call in July.

Strong vehicle sales remained BYD’s key powerhouse. The EV maker sold 1.256 million new energy vehicles (NEVs) with a 94.25% YoY increase from January to June, accounting for about two thirds of sales last year and approximately 38% of market share in NEV sector in the first half of the year. The sales include 631,400 battery electric vehicles (BEVs) and 616,800 plug-in hybrid electric vehicles (PHEVs), up 101% and 91% YoY respectively.

BYD has accelerated sales outside China. Its monthly export has maintained more than 10,000 units since last November, and sales overseas hit a record high of 18,000 vehicles in July. The sales beyond China stood at 73,400 units in the first half of the year, more than doubling last year that had 55,900 units of annual overseas sales. 

The first half of year saw BYD’s aggressive expansion overseas. The company started building its first car plant in Thailand in March. The plant, located in the Eastern Economic Corridor (EEC) special zone in Rayong province, is scheduled to begin production in 2024, with an annual capacity of 150,000 vehicles. It is supposed to serve as a hub for the production and distribution of EVs in Thailand, neighboring ASEAN countries and other regions. As of the kick-off of new plant, the BYD has delivered more than 10,000 units of ATTO 3, a SUV model that was first available for Thailand market in last October, according to People’s Daily.

BYD launched ATTO 3 and the BYD HAN, an elegant E-segment sedan available with two electric motors and AWD drive, in Italy in June, with first batch of stores in the country located in Milan, Brescia, Verona, Turin and Florence. It also showcased other two models—BYD Dolphin and BYD Seal along with the launch in the third largest economy in the European Union (EU). The same month, BYD launched five models in France, the No.2 economy in EU, partnering with first four major dealer groups with the aim to expand to ten groups by the end of this year.

本文系作者 Li_Dan 授权钛媒体发表,并经钛媒体编辑,转载请注明出处、作者和本文链接
本内容来源于钛媒体钛度号,文章内容仅供参考、交流、学习,不构成投资建议。
想和千万钛媒体用户分享你的新奇观点和发现,点击这里投稿 。创业或融资寻求报道,点击这里

敬原创,有钛度,得赞赏

赞赏支持
发表评论
0 / 300

根据《网络安全法》实名制要求,请绑定手机号后发表评论

登录后输入评论内容

快报

更多

2026-04-20 23:10

伊朗媒体:伊朗不参加谈判的决定尚未改变

2026-04-20 23:09

国内商品期货夜盘收盘,焦炭、焦煤均涨超1%

2026-04-20 23:00

航天电器:有算力领域液冷连接器等产品,并为下游客户配套

2026-04-20 23:00

以色列:将同黎方代表在美进行第二轮谈判

2026-04-20 22:58

伊叙边境拉比亚口岸时隔13年重新开放

2026-04-20 22:57

江苏国信:2025年度净利润34.65亿元,同比增长7.01%

2026-04-20 22:57

明泰铝业:2025年度净利润19.60亿元,同比增长12.10%

2026-04-20 22:56

印尼计划自7月起停止进口柴油

2026-04-20 22:56

QXO拟以170亿美元收购TopBuild,TopBuild大涨逾16%,QXO跌超8%

2026-04-20 22:46

中国企业能拿到美国关税退款吗?专家分析:两类中企或能拿到美国关税退款

2026-04-20 22:45

美军方:封锁开始以来,已有27艘船只掉头或返回伊朗

2026-04-20 22:43

中恒电气:2025年度净利润1.26亿元,同比增长15.27%

2026-04-20 22:42

传化智联:2025年度净利润同比增长282.12%

2026-04-20 22:42

凤凰传媒:2025年度净利润17.95亿元,同比增长12.37%

2026-04-20 22:41

特朗普称并非因以色列才对伊朗开战,他威胁停火到期将开炸

2026-04-20 22:29

巴基斯坦外长:美伊双方应尽早持续开展对话和接触

2026-04-20 22:28

美关税退款系统上线,数千家企业已提交申请

2026-04-20 22:27

应急管理部:强化高层建筑等人员密集场所火灾隐患排查

2026-04-20 22:25

捷途旅行者PLUS双车预售,价格18.99万起

2026-04-20 22:21

景顺长城基金去年净利增44%,长城基金增19%

扫描下载App