BYD reported a second-quarter net profit of 8.2 billion yuan ($1.22 billion). This represents a nearly 30% year-over-year increase and ends four consecutive quarters of profit declines.
Surging overseas sales drove the growth, helping to offset an intense domestic price war. However, quarterly revenue slipped 3.2% to 194.6 billion yuan. This marks the fourth consecutive quarter of declining revenue for the automaker.
The results fell short of analyst expectations for even stronger growth. BYD's stock price dropped following the announcement.