BYD expects third-quarter earnings to more than double, hit all-time high

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Firm expects third-quarter earnings to reach 9.55 billion yuan (US$1.3 billion) to 11.55 billion yuan, an increase of 67 to 102 per cent from the same period a year ago

Profit between January and September could reach 20.5 billion yuan to 22.5 billion yuan, an increase of 120.2 to 141.6 per cent from the same period in 2022

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A BYD dealership in Sao Paulo, Brazil. Most of BYD’s cars are delivered to mainland customers currently, but it has recently accelerated its global expansion plans. Photo: Bloomberg

Daniel Renin Shanghai

Published: 7:00am, 18 Oct 2023

BYD, the world’s largest electric vehicle (EV) maker, expects its third-quarter earnings to hit an all-time high after it delivered a record number of cars to Chinese consumers.

The Shenzhen-based company, which is backed by Warren Buffett’s Berkshire Hathaway, said in a filing to both the Shenzhen and Hong Kong stock exchanges on Tuesday that its third-quarter earnings could reach 9.55 billion yuan (US$1.3 billion) to 11.55 billion yuan, an increase of 67 to 102 per cent from the same period a year ago.

It also forecast that profit between January and September would reach 20.5 billion yuan to 22.5 billion yuan, an increase of 120.2 per cent to 141.6 per cent from the same period in 2022. BYD did not disclose revenue figures for the third quarter or the January-to-September period.

“Despite the increasingly intense competition in the automobile industry in the third quarter, the company continued to record profit by leveraging its improving brand influence, continuously expanding scale advantage and strong industrial chain-wide cost-control capability,” BYD said in the filing. The company is expected to publish its third-quarter earnings on October 31.

BYD, which dethroned Tesla as the world’s largest EV firm in 2022, sold 822,094 vehicles in the three months ending in September, an increase of 17.4 per cent from the previous quarter.

In September, the company, which is controlled by Chinese billionaire Wang Chuanfu, posted sales of 287,454 units, an increase of 4.8 per cent from August, rewriting its own sales record for a fifth consecutive month.