BYD, China's leading electric carmaker, said Monday its half-year net profit had tripled based on record demand.

BYD posted net profit of 10.95 billion yuan ($1.5 billion) for the January to June period, up almost 205% year-on-year, the group said in a statement to the Hong Kong Stock Exchange.

The result was in line with estimates made by BYD in July of between 10.5 billion and 11.7 billion yuan. Half-year sales were also up sharply year-on-year, rising 73% to 260.1 billion yuan.