In the winter of the car market, BYD’s performance is still bright.

August 21, BYD announced 2019 In the first half of the year, the revenue report was 62.18 billion yuan, a year-on-year increase of 14.8%, and the net profit was 1.46 billion yuan, a year-on-year increase of 203.6%. Taking into account the current government subsidies of 709 million yuan, BYD expects net profit for the first three quarters of 2019 to be 15.55-17.55 billion yuan.

BYD’s three main businesses are automotive, mobile phone components and assembly, secondary rechargeable batteries and photovoltaic business.

In the automotive business, BYD’s revenue for the first half of the year was 33.982 billion yuan, up 16.27% year-on-year, accounting for 54.65% of the company’s total revenue. The revenue of new energy vehicles was 25.448 billion yuan, year-on-year. The growth rate was 38.88%, which also increased the proportion of BYD’s total revenue to 40.92%.

In a car winter, BYD is eye-catching. In stark contrast, Geely and Great Wall, both the first echelon of independent brands, saw their net profit fall 40% year-on-year to 4.01 billion yuan, while the latter fell 57.8% year-on-year to 1.57 billion.

According to data released by the China Association of Automobile Manufacturers, BYD sold a total of 228,000 new cars in the first half of the year, a year-on-year increase of 1.59%. From the sales composition, BYD’s new energy model (pure electricity + plug-in) sales contribution rate is still very large, sales reached 145,653 units , accounting for 64% of all models’ sales, up 94% year-on-year. The market share increased from around 20% in 2018 to around 24% in the period, among which pure Electric vehicles are the main growth point, with sales reaching 95,779 units in the first half of the year.

Driven by new energy subsidies, the overall demand of the traditional fuel vehicle industry has declined. In addition, some of the old models of BYD have been withdrawn from the market in the first half of the year, and cars in the fuel vehicle camp. Both SUV and MPV models have declined to varying degrees.

BYD’s new car sales climb in the first half of the year was mainly due to BYD’s continuous update of the series.