Profits Are Nowhere To Be Seen At Most Chinese EV Makers Despite Rising Sales | Carscoops carscoops
It is a similar story at Changan Automobile Co. and GAC Motor Co. The former reported a net loss of 1.5 billion yuan in the first half of the year. Its Avatr EV sub-division also reported a loss of 252 million yuan . As for GAC and its Aion EV brand, its yearly net loss is approaching 1.4 billion yuan , even though sales have been rising.
Bucking the trend is BYD. The Warren Buffett-backed car manufacturer is China’s largest electrified-vehicle manufacturer, selling 641,350 vehicles in the first half of the year. BYD also happens to be China’s second-largest EV battery manufacturer and its profit recently jumped 206 per cent to 3.6 billion yuan in the first six months of this year.
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