Shares of BYD jump after Chinese EV maker posts 200% surge in first half profit
Publishing timestamp: 2023-08-29 03:23:41
Summary
Chinese automaker BYD reported a 204.68% increase in net profit for the first half of the year, driven by record deliveries. The strong numbers were mainly due to rapid growth in the new energy vehicle business. BYD's gross margin in the first half was 18%, comparable to Tesla's gross margin. The company is targeting the mass market where Tesla cannot reach and is under pressure from price competition among domestic rivals as well as Tesla. BYD is also expanding its business outside of the automobile space, with its electronics arm acquiring a U.S.-based mobile electronics manufacturing business.
Sentiment: POSITIVE
Tickers: XPEV, ZE594-CN, TSLA, 9868-HK, JBL,
Keywords: jabil inc, business news, byd co ltd, earnings, tesla inc, autos, breaking news: technology, china, mergers and acquisitions, technology, xpeng inc,