Chinese EV giant BYD posts 24.4% rise in profit [Video]

Leading Chinese automaker BYD posted on Wednesday a 24.4 percent rise in net profit for the first half of 2024, boosted by continuing strong demand for electric cars in its home and overseas markets.

The company posted a net profit of $1.91 billion in the January-June period, up from $1.54 billion in the same period last year, according to results published at the Hong Kong Stock Exchange where BYD is listed.

The firm said sales during the period stood at $42.3 billion, up 15.8 percent year-on-year.

The Shenzhen-based company — which adopts the English slogan “Build Your Dreams” — is the most prominent EV manufacturer in China, the world’s largest automotive market.

Leaders in Beijing are aiming for car sales to be mainly made up of electric and hybrid models by 2035.

In July, such vehicles accounted for more than half of all domestic sales, passing the threshold for the …