Home > Auto > News > Electric car maker BYD says profits up as becomes leading mask maker
Chinese electric vehicle maker BYD sold 60,677 new energy vehicles (NEVs) between January and June, down 58% from a year earlier. (File photo used for representational purpose only).
Chinese electric vehicle maker BYD sold 60,677 new energy vehicles (NEVs) between January and June, down 58% from a year earlier. (File photo used for representational purpose only).

Electric car maker BYD says profits up as becomes leading mask maker

  • BYD estimated 2.8 to 3 billion yuan profit in the first nine months this year, up 78% to 91% from the same period last year, as China's overall auto sales recover.

BYD Co Ltd, a major electric vehicle maker in China, said on Friday it has become the world's biggest mask maker, helping it to post a 14.3% rise in first-half profit on Friday, even as car sales fell because of the Covid-19 pandemic.

BYD, which started making masks early this year, shortly after the Covid-19 outbreak began, did not give details, but said it has become the world's biggest mask maker.

Trending Cars

See All

In May it had said it can make 50 million masks a day.

The Shenzhen-based company, which is backed by US investor Warren Buffett and whose products include battery electric and plug-in hybrid vehicles, posted net profit of 1.66 billion yuan ($241.80 million), up from 1.45 billion yuan in the same period a year earlier, beating a Refinitiv Eikon analysts' estimate of 1.63 billion yuan.

(Also read: Chinese carmaker BYD’s push into masks boosted by US approval)

BYD sold 60,677 new energy vehicles (NEVs) between January and June, down 58% from a year earlier. It also sold 97,951 gasoline cars, up 19%. NEVs include battery-powered electric, plug-in gasoline-electric hybrid and hydrogen fuel-cell vehicles.

Revenue fell 2.7% to 60.5 billion yuan from 62.2 billion yuan a year earlier.

Car sales have been hard hit by the Covid-19 crisis and overall sales of NEVs in China, the world's biggest auto market, dropped 37.4% in the first six months of this year from a year earlier.

China's Association of Automobile Manufacturers expects NEV sales of 1.1 million vehicles this year, a drop of around 11% from last year.

BYD estimated 2.8 to 3 billion yuan profit in the first nine months this year, up 78% to 91% from the same period last year, as China's overall auto sales recover.

This story has been published from a wire agency feed without modifications to the text.

  • First Published Date : 29 Aug 2020, 09:22 AM IST