BYD's Q2 profit jumps 30%, but misses forecasts as China sales keep sliding
BYD's Q2 net profit rose 30% year-over-year to $1.22 billion (8.2 billion yuan), snapping a four-quarter slump — but fell short of the roughly 48% gain analysts had penciled in, as domestic China revenue fell for a fourth straight quarter while overseas exports surged 82.5% to offset the weakness. BYD still delivered more pure EVs (557,090) than Tesla (480,126) in the same quarter, keeping its global lead intact.
Tesla's biggest EV rival BYD reported second-quarter earnings on Aug. 28. Net profit came in at 8.2 billion yuan (about $1.22 billion), up 30% year-over-year and snapping a four-quarter losing streak. But the rebound fell short of the roughly 48% gain that analysts at Morgan Stanley, UBS, Citi, Deutsche Bank and CMBI had collectively expected.
The drag remains China's domestic market. Q2 revenue fell 3.2% year-over-year to 194.6 billion yuan, marking a fourth straight quarterly decline, while passenger-car sales across China dropped 20% in the first half — a direct hit from the intensifying price war.
Overseas exports carried the earnings recovery instead. BYD shipped 471,091 vehicles outside mainland China in Q2, up 82.5% year-over-year, driving the profit rebound.
On pure battery-electric vehicle deliveries, BYD's 557,090 units still outpaced Tesla's 480,126 in the same quarter. Tesla's own Q2 deliveries rose 25% year-over-year and beat Wall Street's roughly 406,000 estimate, but BYD retains its lead in the global BEV race — both companies now share the same challenge: a slowing home market offset by export growth.
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