China’s largest electric vehicle maker BYD reported a sharp slowdown in earnings growth for the first half of 2024, as a prolonged price war has hit companies in the world’s largest car market.
Net profits for the six months to June 30 were Rmb13.6bn ($1.9bn), up 24 per cent from a year earlier, the company said in a stock exchange filing on Wednesday. That compared with a threefold surge in first-half profits in 2023.
The Shenzhen-based group overtook Honda and Nissan to become the world’s seventh biggest carmaker by sales volume in the three months to June. However, the record delivery of 980,000 units in the quarter translated into lower-than-expected revenues of Rmb176.2bn, according to FT calculations.
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