BYD posts first quarterly profit rise in over a year
BEIJING, Aug 28 : 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 per cent 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 per cent drop in the preceding quarter, according to Reuters calculations based on a stock exchange filing.
Revenue slipped 3.2 per cent to 194.6 billion yuan in the quarter, easing from an 11.8 per cent fall in the first quarter and extending a run of quarterly declines for a fourth quarter.
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