BYD’s third-quarter profit soars to record after beating Tesla and others in EV deliveries, capping costs
- BYD, the world’s largest electric vehicle (EV) maker, reports an 82.2 per cent rise in third quarter profit
- The carmaker has greater control over costs, profit margin and deliveries as it owns the entire supply chain of EV batteries, the main factor influencing car prices
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, that net income between July and September stood at 10.4 billion yuan (US$1.4 billion), which is in the middle of the company’s forecast range of 9.55 billion yuan to 11.55 billion yuan. It beat the previous record earnings of 7.3 billion yuan posted in the fourth quarter of 2022.
BYD’s third-quarter profit translates into an 82.2 per cent jump from the same period a year ago and a 53 per cent quarter on quarter increase. Revenue in the third quarter climbed 36.5 per cent on year to 162.2 billion yuan.
The company said in an exchange filing on October 17, when it made a forecast of its third-quarter earnings, that it expected a record profit on the back of improving brand influence and strong industrial chain-wide cost-control.
