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Home News Markets

BYD’s Profits Surge Despite China’s EV Market Slowdown!

by Team Lumida
August 28, 2024
in Markets
Reading Time: 3 mins read
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black vehicle steering wheel close-up photography

Photo by Mohammad Fathollahi on Unsplash

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Key Takeaways

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  1. BYD’s first-half profit soared by 204.7% due to robust EV sales.
  2. China’s slowing demand didn’t stop BYD from outperforming competitors.
  3. BYD plans to expand globally, mitigating domestic market risks.

What Happened?

BYD, China’s leading electric vehicle (EV) manufacturer, reported a 204.7% increase in first-half profit, reaching 10.95 billion yuan ($1.5 billion). Despite a slowdown in China’s overall EV market, BYD’s strong sales drove this profit surge.

The company sold 1.25 million vehicles in the first six months, a 94% increase year-over-year. This performance allowed BYD to outshine competitors like Tesla, which saw a more modest growth in the same period.

Why It Matters?

BYD’s stellar performance highlights its resilience and competitive edge in the EV market. While many automakers struggle with slowing demand in China, BYD’s ability to maintain high sales volumes demonstrates robust consumer trust and brand strength.

The company’s strong domestic sales also underscore its effective market strategies and product appeal. For investors, BYD’s growth amidst a challenging market environment suggests a promising long-term investment, especially as the global EV market continues to expand.

What’s Next?

Looking ahead, BYD plans to mitigate domestic market risks by expanding its global footprint. The company is eyeing Europe and Southeast Asia as key markets for growth. This strategic move aims to diversify revenue streams and reduce dependency on the Chinese market.

Investors should watch for BYD’s international sales performance and any potential market entry announcements. Additionally, keep an eye on how BYD navigates the competitive landscape with giants like Tesla and emerging local players.

Source: Wall Street Journal
Tags: BYD
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© 2025 Lumida Wealth Management LLC is an SEC registered investment adviser. Privacy Policy. Cookies Policy.
Disclaimer Important Information This site is for informational purposes only. Information presented on this site does not constitute as investment advice.

Lumida Wealth Management LLC (‘Lumida”) is an SEC registered investment adviser. SEC registration does not constitute an endorsement of the firm by the Commission nor does it indicate that the adviser has attained a particular level of skill or ability.

Lumida's website (referred to herein as the "Website") is limited to the dissemination of general information pertaining to its advisory services, together with access to additional investment-related information, publications, and links. Accordingly, the publication of the Website on the Internet should not be construed by any client and/or prospective client Lumida’s solicitation to effect, or attempt to effect transactions in securities, or the rendering of personalized investment advice for compensation, over the Internet.

Any subsequent, direct communication by Lumida with a prospective client will be conducted by a representative that is either registered or qualifies for an exemption or exclusion from registration in the state where the prospective client resides.

‍Lead Capture Forms: By submitting your contact information in the forms on this site, you are not obligated to invest in Lumida's product or services.
‍Address: Lumida Wealth Management, 25 W 39th Street Suite 700, New York, NY 10018