BEIJING: BYD, China’s leading electric carmaker, said on Monday (Aug 28) its half-year net profit had tripled based on record demand. BYD posted a net...
Shenzhen-based BYD ceased production of petrol-powered cars last year, and is now focusing exclusively on hybrid and electric models. – AFPpicBYD, China’s leading electric carmaker, said on Monday its half-year net profit had tripled based on record demand.
BYD, whose investors include US investment titan Warren Buffet, wants its sales to be dominated by electric and hybrid vehicles by 2035. Originally specialising in the design and manufacture of batteries, the company diversified into the automotive sector in 2003.The company this month became the first global manufacturer to pass the five million milestone in electric vehicle production, crowning itself “the world’s leading manufacturer of new energy vehicles and power batteries”.The country began investing heavily in associated technology from the early 2000s.
The popularity of Chinese EV brands has soared in recent years, with BYD facing stiff competition from a number of local brands, including XPeng, Nio and Geely.
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