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Chinese electric vehicle firm BYD profit down 29.4per cent in first half

Chinese electric vehicle firm BYD profit down 29.4per cent in first half

FILE PHOTO: A man cycles past an entrance to the headquarters of Chinese electric car maker BYD in Shenzhen's Pingshan district, Guangdong province, China October 25, 2019. REUTERS/Yilei Sun/File Photo

BEIJING :Chinese electric vehicle (EV) maker BYD Co Ltd posted a 29.41per cent drop in first-half profit on Friday and warned about challenges from rising commodity and raw material prices.

The Shenzhen-based company, backed by U.S. investor Warren Buffett and whose products include battery electric and plug-in hybrid vehicles, posted net profit of 1.17 billion yuan (US$180.66 million), down from 1.66 billion yuan in the same period a year earlier.

BYD sold 246,689 vehicles in the first six months in 2021, 56per cent up from a year earlier. It posted a 53.6per cent rise in six-month revenue to end-June of 89.13 billion yuan, driven by an improved product mix.

BYD is also making EV batteries and developing semiconductors for smart cars. It said that it would "actively facilitate" the listing of its car semiconductor unit.

(US$1 = 6.4761 Chinese yuan renminbi)

(Reporting by Yilei Sun and Brenda Goh; Editing by Edmund Blair and David Evans)

Source: Reuters

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