BYD’s H1 Net Profits Exceed Full Year of 2021

Shenzhen-based automotive firm BYD released a financial report on August 29, showing that its revenue in the first half of this year reached 150.607 billion yuan ($21.8 billion), a year-on-year increase of 65.71%. The net profit attributable to shareholders was 3.595 billion yuan ($520.56 million), exceeding the 3.045 billion yuan recorded for the whole year of 2021.

According to data released by the China Association of Automotive Manufacturers (CAAM), in the first half of 2022, the production and sales of new energy vehicles were 2.661 million and 2.6 million units respectively, both increasing by 1.2 times year-on-year. Under the general trend of industrial development, BYD sold 646,000 vehicles in the first half of the year, up 159% year-on-year, including 324,000 pure electric passenger cars, up 249% year-on-year, and 315,000 plug-in hybrids, up 456% year-on-year.

Since the beginning of this year, BYD has adjusted the price of its models twice due to factors such as the rising price of raw materials used to make batteries. The price increase did not affect its sales, but it also had a positive impact on profits.

BYD said in its financial report that in the second half of the year, with the supply chain returning to stability, the efforts of both supply and demand sides are expected to drive the sales of new energy vehicles to another breakthrough.

The firm’s Dynasty series and Ocean series are the main products currently sold. Among them, Ocean series includes pure electric marine life series equipped with e-platform 3.0 architecture and Warship series equipped with DM-i super hybrid technology.

Dolphin, the first model in the firm’s “marine life” series, went on sale last year, and Seal, a medium-sized pure electric sedan recently launched, also went on sale. The Destroyer 05, the first model of the Warship series, went on sale in March this year, and the Frigate 07, which is positioned as a “five-seater super hybrid SUV,” will go on sale in Q4 this year.

In the first half of this year, BYD surpassed Tesla to become the global EV sales champion. Compared with Tesla, BYD’s models cover a wider price range, below 100,000 yuan, 100,000-200,000 yuan and 200,000-300,000 yuan.

SEE ALSO: BYD to Launch Han, Tang and Yuan PLUS Models in Europe This Fall

In the first half of this year, the company continued to increase its R&D investment in the whole industrial chain, with a total investment of 6.47 billion yuan, a year-on-year increase of 46.63%. By the end of June this year, BYD had applied for 37,000 patents and granted 25,000 patents worldwide.

In addition, the number of employees disclosed by the company was 418,000 in its 2022 semi-annual report, while the number of employees disclosed in its 2021 annual report and before was only 200,000, showing that the company is still in a stage of rapid business expansion.