Despite economic difficulties and a fierce price battle in the second-largest economy in the world, BYD Co. remains sure it will sell 3 million green cars this year, founder and chairman Wang Chuanfu said at a conference on Tuesday.

The most popular Chinese automaker also gave a strong profit forecast for the second half of 2023, which improved the company’s outlook.

Other electric vehicle makers were under pressure from the pricing battle that Tesla Inc. launched at the beginning of the year. This month, Xpeng Inc. and Nio Inc. both disclosed second-quarter losses that were greater than anticipated. BYD, on the other hand, is choosing not to participate in the price battle and is luring customers with a wide selection of models and prices.

“BYD has made it very obvious that they will not be lowering their prices. According to Yuqian Ding, head of China Automotive Research at HSBC Qianhai Securities, the redesigned product range “could help them greatly mitigate the impact in terms of pricing so they remain more resilient and disciplined.”

As of 11:50 a.m. in Hong Kong, BYD shares were up 4.4%, bringing the company’s gains since the income statement to 10%.

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