BYD

Business

BYD (比亚迪股份有限公司) makes new-energy vehicles, both battery-electric and plug-in hybrid, and also electronics components, energy storage systems and power semiconductors. It describes its approach as vertical integration across power batteries, storage and power chips (2026 interim report, pp. 14, 15). Its batteries sit inside the vehicle line and are not reported separately.

Results

In the first half of 2026 revenue fell 7.1% to ¥344.8bn and net profit attributable to shareholders fell 20.5% to ¥12.33bn (p. 7). The decline is in China: revenue from mainland China fell 30.7% to ¥163.5bn, while overseas revenue rose 33.9% to ¥181.3bn and is now 52.6% of the total (p. 26). Its vehicle and related business earned ¥275.3bn at a 22.33% gross margin, up 1.98 points, and its electronics business ¥69.4bn at 5.04% (p. 26).

Exports and brands

BYD says its exports were 792,000 vehicles in the half, up 67.8%, that its new-energy vehicle business covers 121 countries and regions, and that it produces locally in Brazil and Thailand. It says the Fangchengbao, Denza and Yangwang brands together grew 61.0% and are 12.8% of its passenger vehicle sales (pp. 11, 14). It also says it was the global new-energy vehicle sales leader in the half, and that its 16 millionth new-energy vehicle rolled off the line in April, which are its own claims (pp. 14, 15).

Energy storage

It says it signed an 11.275 GWh storage supply agreement with Masdar and a 2.6 GWh agreement with Grenergy (p. 21), and that it led global storage system shipments (p. 14).

Where it stands

BYD is the one company covered here that makes both the vehicle and, in-house, much of what goes into it. Its profit fell while its overseas business grew: overseas sales rose from 36.5% of revenue a year earlier to 52.6% (p. 26).