Net income more than doubled to 6.8 billion yuan ($930 million) after the company sold a record number of plug-in hybrid and fully electric vehicles during the three months ended in June.
While fierce competition in China led to the slowest revenue growth in more than a year, BYD still generated 140 billion yuan in quarterly sales, according to Bloomberg calculations based on its first-half earnings.
China’s auto market has been embroiled in a fierce price war this year, with Tesla leading bold price cuts.
BYD’s still-robust financial performance will help as it navigates another period of market discounting with a preferred strategy of cutting prices on newly released models.
On the weekend, BYD unveiled a slightly cheaper range of 2023 Tang vehicles at the Chengdu Auto Show.
The continued strong sales volume performance in recent months has enabled BYD to maintain its lead over Volkswagen Group as China’s best-selling car brand this year, having passed the German auto giant in the first quarter.
BYD sold 700,000 clean cars during the second quarter, beating the previous high of 683,400 in the final three months of 2022.
The automaker notched 156.3 billion yuan in revenue during the earlier period and benefitted from a record gross margin of 19 percent.
BYD’s margin in the second quarter was 18.7 percent.
Total passenger EV sales hit 1.5 million so far in 2023, through July.