"BYD posted impressive results in H1 2019, tripling its net profit as compared to H1 2018 to RMB 1.45 billion (approx. US$205 million). The revenues during the period grew by 14.1% to reach RMB 59.2 billion (approx. US$8.2 billion). BYD’s strategy of promoting battery electric vehicles (BEVs) and phasing out ICE vehicles is in sync with China government’s plan to promote BEVs. The company sold 145,653 EVs, up 94.5%, compared to 82,419 ICE vehicles, down 44.9% compared to last year. EV sales in China grew 49.6% during H1 2019, before falling 4.7% in July, due to subsidy cuts. Subsidy cuts will continue to put profit and sales pressure on BYD during the rest of the year. However, long term EV growth estimates for the country and BYD remains positive." – Aman Madhok