BYD Co (HK:1211) shares rose 3.9% to HK$107.70, outpacing a 1% gain in the Hang Seng index.
The company’s mainland shares (SZ:002594) added over 2%, News.az reports, citing Xinhua.
BYD’s net profit more than halved to 4.09 billion yuan ($600 million) in the three months to March 31, while its revenue slid nearly 12% to 150.23 billion yuan.
But the net profit figure was in line with market expectations, while revenue was slightly above estimates of 140 billion yuan.
Weak earnings were driven chiefly by a slowdown in BYD’s main domestic market, especially amid softening consumer demand and after Beijing withdrew some subsidies on EVs.
But BYD’s exports....
