BYD retrouve une croissance des bénéfices malgré la faiblesse en Chine

BYD, the world's largest manufacturer of electric vehicles, has reported its first increase in net profits in five quarters, driven largely by robust export growth and strong demand for some of its higher-end models, despite ongoing weakness in the Chinese market. The company’s second-quarter net profit rose 30% year-on-year to 8.2 billion yuan ($1.2 billion), according to figures derived from its first-half results released on Friday. While revenue fell unexpectedly by around 3% to 194.6 billion yuan, the earnings exceeded analysts' average estimates compiled by Bloomberg. The results come as a much-needed boost for BYD after a year of declining profits caused by intense competition with agile rivals such as Xiaomi Corp. and XPeng Inc. This situation has fueled the aggressive expansion of the Chinese automotive giant into South America and Europe, where the launch of new models and the renewal of some of its popular vehicles have been driving sales with greater profitability. For the first half of the year, sales outside China increased 34% to 181.3 billion yuan, accounting for 53% of total revenue and surpassing for the first time the income generated in Greater China. In China, the world's largest auto market, the slowdown continues. Most manufacturers, including BYD, recorded year-on-year declines in revenue in July despite offering steep price discounts, according to Bloomberg Intelligence. Passenger vehicle sales in the country dropped 21% last month, according to the China Association of Automobile Manufacturers. Meanwhile, the government is intensifying scrutiny of the industry and has pledged to closely examine the rapid development cycles of manufacturers to ensure they are not cutting corners on safety when launching new models. BYD sold 1.81 million vehicles in the first six months of the year, a figure far below its annual target of between 5 million and 5.5 million units. Investors are now focusing their attention on BYD's second-half performance. Although July deliveries did not put the company on track to meet its annual goal, analysts predict a rebound in BYD's profits for the rest of the year as it resolves production issues and exports continue to grow. Estimates compiled by Bloomberg even suggest that profits and revenues could reach record highs in the fourth quarter. International markets have been the growth engine for Chinese manufacturers this year, and July was no exception. Total passenger vehicle sales by Chinese companies abroad surged 88% last month, according to the association. However, international expansion has also led to inventory buildup. By the end of June, BYD's stock had risen to the equivalent of 109 days of vehicle sales, up from 79 days a year earlier, due to a "long transportation cycle," the company said. BYD faces growing commercial challenges that could hinder its international expansion. The European Union is considering new tariffs on hybrid Chinese vehicles, reported Handelsblatt in June, which would limit access to a lucrative market that has become increasingly important since the bloc imposed tariffs on fully electric models from Asia. Separately, the factory BYD is building in Hungary has come under scrutiny over alleged labor abuses. The company's ability to navigate these hurdles will determine whether its recent gains can be sustained. With domestic demand faltering and global markets becoming more competitive, BYD must balance its ambitions with operational efficiency and regulatory compliance. Its upcoming quarterly results will provide further insight into how well it is managing these challenges.