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%.
- Reuters, with additional editing by Vishakha Saxena