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BYD Shares Jump as Chinese EV Giant Flags Profit Surge

The group estimates net profit for the July-September quarter came in at $765 million-$820 million, which is a rise of 333% to 365% from the same period a year earlier

BYD shares jump on Tuesday on news its profit has shot up because of robust sales.
BYD said its net profit for the third quarter shot up by over 333% because of robust sales and a better product mix. Photo: Reuters.


Shares of BYD surged on Tuesday after China’s biggest electric carmaker said third-quarter net profit looks likely rise by more than four times because of strong sales and a better mix of cars.

The group estimated that net profit for the July-September quarter came in between 5.5 billion yuan to 5.9 billion yuan (US$765 million-$820 million).

That represents an increase of 333% to 365% from the same period a year earlier.

BYD’s Hong Kong shares gained 4% on Tuesday morning while its shares in Shenzhen climbed 5%.

The company, which is 19% owned by Warren Buffett’s Berkshire Hathaway, said in a filing late on Monday that improved cost controls had also contributed to the jump in earnings.

Government incentives have helped sales of electric vehicles surge in the world’s biggest auto market.

BYD’s combined sales of pure electric and hybrid plug-in vehicles increased 250 per cent in the first nine months, easily outpacing a 110% rise for the overall EV segment.


  • Reuters with additional editing by Jim Pollard




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Jim Pollard

Jim Pollard is an Australian journalist based in Thailand since 1999. He worked for News Ltd papers in Sydney, Perth, London and Melbourne before travelling through SE Asia in the late 90s. He was a senior editor at The Nation for 17+ years.


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