BYD Profits Rise After Decline
BYD company announced for the first time in five quarters an increase in its profits, supported by a rebound in exports and demand for some higher-priced models, which allowed it to overcome the economic slowdown in China. Its net income for the second quarter rose 30% year-on-year to reach 8.2 billion yuan ($1.2 billion), surpassing expectations of 8 billion yuan. Meanwhile, revenue declined by 3% to 194.6 billion yuan. These results come amid strong competition from other companies such as Xiaomi and Xpeng, and contribute to BYD's expansion into South American and European markets, with plans to boost sales through the launch of new models and updates to existing ones, aiming for higher profit margins.
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