BYD Powers Through China’s Auto Price War to Post Soaring Profit

A BYD Co. Dynasty electric vehicle in Beijing.

Source: Bloomberg

China’s top-selling auto brand withstood the price war raging in the country this year, with BYD Co. posting second-quarter profit that surged 145% and sending its shares climbing.

Net income more than doubled to 6.8 billion yuan ($930 million) after the company sold a record number of plug-in hybrid and fully electric vehicles during the three months ended in June. While fierce competition in China led to the slowest revenue growth in more than a year, BYD still generated 140 billion yuan in quarterly sales, according to Bloomberg calculations based on its first-half earnings.