Chinese electric-vehicle sales are shifting back into high gear after a period of stagnant growth. Its homegrown EV makers are also turning into more formidable competitors: After struggling for decades to match foreign expertise in the internal combustion engine, China has a real chance to put foreign brands on the back foot in the electric era.
Warren Buffett-backed EV maker BYD on Friday reported a 54% increase in revenue for the first six months of this year, but its net profit recorded a 29% decline. Rising raw material prices and a chip shortage raised costs, but it probably also booked less profits from selling medical masks, compared with the same period last year. BYD built mask production lines in February 2020 and made millions of masks daily at one stage.