Group revenue edged up slightly from the preceding year to CNY43.8 billion in the January-June period. However, the company — which produces electric vehicles, PV modules, smartphones and energy storage solutions — reported that its solar business generated revenue of just CNY 3.4 billion in the January-June period, down from CNY 4.06 billion a year earlier.
It attributed the PV unit’s poor performance to “intense market competition” and falling product prices. “After the installation boom in the first half of 2017, it is expected that the photovoltaic industry will face oversupply in the second half of the year, thus leading to more intense competition,” the company said in a statement to the Hong Kong stock exchange.
However, BYD’s solar panel and battery unit accounted for just 7.81% of the group’s total revenue. Its automotive business accounted for roughly 51% of revenue at CNY 22,433 million, down 4.1% year on year. Its mobile phone unit, meanwhile, accounted for 41% of revenue, at CNY 17,963 million, up 10.3% from the first half of 2016.
“The group has also been actively expanding into the business fields of energy storage stations and solar,” the Shenzhen-based manufacturer said.
BYD said that it expects to record a year-on-year profit decline of roughly 20% to 25% in the nine months to the end of September, partly due to difficulties with its electric-vehicle business. Last week, the company — which recorded a net profit of CNY 5.04 billion in 2016, up 79% year on year — signed a deal to supply 180 MW of solar panels to Spanish developer Cobra for a PV project in the Brazilian state of Sao Paulo.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: email@example.com.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.