Chinese electric vehicle maker BYD on Friday posted its first quarterly profit rise in more than a year, helped by a surge in exports that offset weak domestic sales.The world's largest EV maker by shipments has been at the forefront of Chinese automakers' overseas push, gaining market share across Europe and Southeast Asia, as it looks to reduce its reliance on an increasingly crowded home market.Net profit rose 29.8% year-on-year to 8.2 billion yuan ($1.22 billion) in the second quarter, ending four straight quarters of declines and reversing a 55.4% drop in the preceding quarter, according to Reuters calculations based on a stock exchange filing.Revenue slipped 3.2% to 194.6 billion yuan in the quarter, easing from an 11.8% fall in the first quarter and extending a run of quarterly declines for a fourth quarter.
Global Markets: BYD posts first quarterly profit rise in over a year
Chinese automaker BYD has experienced its first profit growth in over a year, primarily fueled by a sharp increase in export sales. This international expansion effectively balanced out the lackluster results seen domestically. In the second quarter, BYD reported a remarkable year-on-year net profit increase of 29.8 percent, although revenue faced a slight decline of 3.2 percent during the same timeframe.
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