{"text":[[{"start":8.08,"text":"BYD’s profits rose for the first time in five quarters as the world’s largest electric-vehicle maker generated more than half of its revenue from international markets to offset a sharp slowdown in China."}],[{"start":20.28,"text":"For the April to June quarter, its net profit jumped 30 per cent from a year earlier to Rmb8.2bn ($1.2bn) even as revenue slipped about 3 per cent to Rmb194.6bn."}],[{"start":34.08,"text":"BYD had come under pressure from cut-throat competition from domestic rivals such as Geely and Xiaomi and the ending of many Chinese government subsidies last year, increasing its need to expand exports to Europe and other markets."}],[{"start":48.44,"text":"Beijing has also pushed BYD to pay thousands of suppliers faster, raising questions over its longstanding practice of using money owed to suppliers as a form of low-cost finance to fund its growth."}],[{"start":60.72,"text":"The Chinese group’s reliance on overseas sales comes as geopolitical tensions have risen with the widening global trade war and the move in Europe to protect the continent’s automotive industry."}],[{"start":71.36,"text":"“In the first half of 2026, the international environment was complex and challenging, with geopolitical risks intensified increasingly,” BYD said in its earnings report."}],[{"start":82.24,"text":"Total EV sales — BYD’s main business — rose for the first time in eight months in July, increasing 31 per cent year on year. Its second-quarter sales of both its EVs and plug-in hybrids declined 3 per cent."}],[{"start":95.2,"text":"Despite a slowdown in China, BYD has still sold more electric cars than its US rival Tesla during the first six months of the year on the back of booming exports."}],[{"start":104.92,"text":"BYD’s first-half overseas revenue accounted for more than half of the total for the first time as exports surged 68 per cent to 792,000 vehicles during the period."}],[{"start":116.56,"text":"In Europe, the company has focused on trying to crack the premium segment with the launch of its Denza brand as it seeks to retain higher margins to offset price pressures in China."}],[{"start":127,"text":"BYD’s sales in Europe and the UK increased nearly 2.5-fold during the first half, accounting for roughly 10 per cent of its overall vehicle sales. Its sales of EVs and plug-in hybrids have also been helped by the rise in fuel prices caused by the conflict in the Middle East."}],[{"start":142.88,"text":"Some analysts warned of the rising popularity of new tech-focused Chinese EV makers and software providers squeezing BYD’s domestic market share."}],[{"start":153.14,"text":"“Market leader BYD is losing share faster than its rivals, squeezed by Nio, Xpeng and Xiaomi on one side and traditional automakers tapping Huawei and Momenta on the other. The barriers to catching up are falling, not rising,” said Ernan Cui, car and consumer analyst at Gavekal Research."}],[{"start":172.2,"text":"In addition to tough domestic market conditions, Lei Xing, founder of Chinese consultancy AutoXing, said BYD’s financial performance continued to be weighed down by rising raw material costs as well as heavy research and development costs as it expanded its ultrafast charging network and “relentlessly” launched new models."}],[{"start":196.12,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1787924598_1064.mp3"}