Chinese EV giant BYD posts 24.4% rise in profit

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BEIJING: Leading Chinese automaker BYD posted on Wednesday (Aug 28) a 24.4 per cent 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 US$1.

Generous government subsidies initially helped sales take off - but the policies were phased out in late 2022 and the market now appears to be reaching maturity.

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Category: EconomyBusiness

Markets: SingaporeCanadaChinaHong KongHungaryThailandTurkeyUnited States

Topics: Automotive Billion First Sales Markets Electric 2024 Cent Period Chinese Beijing

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-08-28 @ 19:55:17 (4 days ago)

News Timezone: GMT +8:00

News Source URL: channelnewsasia.com

Language: English

Article Length: 494 words

Reading Time: 3 minutes read

Sentences: 21 lines

Sentence Length: 24 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Channel News Asia

News ID: 22291043

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About Channel News Asia

Main Topics: EconomyBusiness

Official Website: channelnewsasia.com

Update Frequency: 2 posts per day

Year Established: 1999

Headquarters: Singapore

News Last Updated: 8 hours ago

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Publisher ID: #27

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