- PSG held by Nice to leave Monaco clear at top of Ligue 1
- AC Milan fall at Fiorentina after De Gea's penalty heroics
- Lewandowski treble for leaders Barca as Atletico held
- Fresh Israeli strikes hit south Beirut
- Sucic stunner earns Real Sociedad draw against Atletico
- PSG draw with Nice, fail to reclaim top spot in Ligue 1
- Gudmundsson downs AC Milan after De Gea's penalty heroics for Fiorentina
- 'Yes' vote prevails in Kazakhstan nuclear plant vote: TV
- 'Difficult day': Oct 7 commemorations begin with festival memorial
- Commemorations begin for anniversary of attack on Israel
- Lewandowski hat-trick powers Liga leaders Barca to Alaves victory
- 'Nothing gets in way of team,' says Celtics' MVP hopeful Tatum
- India maintain Pakistan stranglehold as Windies cruise at Women's T20 World Cup
- 'We will win!': Mozambique's ruling party confident at final vote rally
- Tunisia voting ends as Saied eyes re-election with critics behind bars
- Florida braces for Milton, FEMA head slams 'dangerous' Helene misinformation
- Postecoglou slams 'unacceptable' Spurs after 'terrible' loss at Brighton
- Marmoush double denies Bayern outright Bundesliga top spot
- Rallies worldwide call for Gaza, Lebanon ceasefire
- Maresca hails Chelsea's 'fighting' spirit after draw with 10-man Forest
- New 'Joker' film, a dark musical, tops N.America box office
- Man Utd stalemate keeps Ten Hag in danger, Spurs rocked by Brighton
- Drowned by hurricane, remote N.Carolina towns now struggle for water
- Vikings hold off Jets in London to stay unbeaten
- Ahead of attack anniversary, Netanyahu says: 'We will win'
- West Indies cruise to T20 World Cup win over Scotland
- Arshdeep, Chakravarthy help India hammer Bangladesh in T20 opener
- Lewandowski's quickfire hat-trick powers Liga leaders Barca to Alaves victory
- Man Utd fire another blank in Aston Villa stalemate
- Lewandowski treble powers Liga leaders Barca to Alaves victory
- Russian activist killed on front line in Ukraine
- Openda strike briefly sends Leipzig top of Bundesliga
- Goal-shy Man Utd have to 'step up', says Ten Hag
- India bowl out Bangladesh for 127 in T20 opener
- Madueke rescues Chelsea in draw with 10-man Forest
- Beckett's belief rewarded as Bluestocking storms to Arc glory
- Trump on the stump, Harris hits airwaves in razor-edge US election
- Flash flooding kills three in northern Thailand
- Kaur leads India to victory over Pakistan in Women's T20 World Cup
- Juventus held by Cagliari after late penalty drama
- In France's Marseille, teen 'stabbed 50 times' then burned alive
- Ruthless Gauff beats Muchova in straight sets to win China Open
- India restrict Pakistan to 105-8 in Women's T20 World Cup
- England target repeat of Pakistan Test whitewash
- Penrith Panthers win fourth straight NRL title after downing Storm
- Weary Sinner happy for day off after battling into Shanghai last 16
- Pakistan's Masood warns England still a force without Stokes
- Madrid's Carvajal to miss several months after serious knee injury
- Israel pounds Lebanon ahead of Hamas attack anniversary
- Two elephants die in flash flooding in northern Thailand
Chinese EV giant BYD posts 24.4% rise in profit
Leading Chinese automaker BYD posted on Wednesday a 24.4 percent 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 $1.91 billion in the January-June period, up from $1.54 billion in the same period last year, according to results published at the Hong Kong Stock Exchange where BYD is listed.
The firm said sales during the period stood at $42.3 billion, up 15.8 percent year-on-year.
The Shenzhen-based company -- which adopts the English slogan "Build Your Dreams" -- is the most prominent EV manufacturer in China, the world's largest automotive market.
Leaders in Beijing are aiming for car sales to be mainly made up of electric and hybrid models by 2035.
In July, such vehicles accounted for more than half of all domestic sales, passing the threshold for the first time, according to the Chinese Association of Automobile Manufacturers.
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.
Local EV firms have since been locked in a cut-throat price war as they fight to remain competitive, weighing on their profitability.
BYD has "effectively dealt with challenges brought by intensified industrial competition", it said in the filing.
- Overseas challenges -
BYD and other Chinese EV giants have accelerated overseas expansion in recent years, despite concerns in Western countries that local markets will become flooded with imports at prices they view as artificially low.
The European Union has alleged that Beijing's automotive subsidies have given Chinese firms an unfair leg up in foreign markets, distorting competition and harming the competitiveness of European automakers.
Earlier this month, Brussels released a draft plan to impose tariffs of up to 36.3 percent on Chinese EVs -- a measure that will become permanent in October unless a deal is reached with Beijing.
The United States said in May that it would significantly raise customs duties on Chinese EVs to 100 percent.
Canada also announced a 100 percent tariff on Monday, accusing China of "not playing by the same rules as other countries" in areas such as environmental and labour standards.
BYD has nonetheless been ramping up globalisation efforts, with plans to open factories in Hungary and Turkey.
Originally specialising in the design and production of batteries, BYD diversified into the automotive industry in 2003.
S.Gregor--AMWN