China’s Car Maker BYD Posts Highest Ever Quarterly Profit With 82% Jump

[beijingwalker]

China’s Car Maker BYD Posts Highest Ever Quarterly Profit With 82% Jump​

October 30, 2023

The electric vehicle giant continues to preserve its domestic market leadership despite softer demand and increased competition​

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The BYD HAN EV is displayed during an exhibition test drive in Toluca, Mexico. Photo: Reuters

Chinese electric vehicle-maker BYD posted its highest ever quarterly profit on Monday, seeing a 82.2% increase in third-quarter earnings, compared to a year earlier.

BYD’s net profit for the third quarter reached 10.41 billion yuan ($1.42 billion), on a 38.5% rise in revenue to 162.2 billion yuan, the carmaker said in a market filing.

With the record earnings, BYD – short for Build Your Dreams – continues to preserve its domestic market leadership despite softer demand for electric vehicles and increased competition.

BYD’s third-quarter earnings were within its forecast range of between 9.55 billion yuan and 11.55 billion yuan.

Its profit grew, however, at a smaller pace than the second quarter when its earnings jumped 145%.

BYD’s Shenzhen-listed shares ended Monday’s trade up a little over 1%.

China’s BYD Posts Highest Ever Quarterly Profit With 82% Jump

Chinese electric vehicle-maker BYD posted its highest ever quarterly profit on Monday, seeing a 82.2% increase in third-quarter earnings

www.asiafinancial.com