BYD Becomes 7th Largest Automaker with 40% Sales Growth and 33% Profit Rise

Aug 28, 2024, 10:25 AM

Chinese electric vehicle manufacturer BYD has become the world's seventh largest automaker, surpassing Honda and Nissan, following a 40% increase in vehicle sales during the second quarter of 2024. BYD sold 980,000 vehicles in Q2, including 105,000 units outside China, and is approaching Ford in global rankings. Despite a slowing demand in China, BYD's first-half profit rose significantly, with a 24.4% increase in profit and a doubling of net income from Q1 to Q2. The company posted a 33% profit rise and has managed to boost net profit despite offering discounts, although its gross margin has slipped.