Why Shares Of Warren Buffett-Backed Tesla, Nio EV Rival Shot Over 6% Today

Shares of Warren Buffett-backed BYD Co. BYDDY BYDDF surged over 5% in China after the company reportedly said its third-quarter net profit has likely more than quadrupled led by robust sales and a better product mix. The company’s Hong Kong shares were trading over 6% higher.

What Happened: BYD competes with players such as Tesla Inc. TSLA and Nio Inc. NIO, especially as it increases focus on . Its estimated net profit for the July-September quarter came in between 5.5 billion yuan and 5.9 billion yuan ($765 million-$820 million), a rise of 333% to 365.1% compared to the same period a year earlier, reported Reuters.

See Also: Investing For Beginners

It said in a filing late on Monday that improved cost controls had also contributed to the rise in earnings, the report said.

BYD's combined sales of pure electric and hybrid plug-in vehicles rose 250% in the first nine months, outpacing a 110% rise for the overall EV segment, the report indicated.

The company launched three new pure-electric passenger vehicles in Europe at the Paris Motor Show that includes BYD ATTO 3, a C-segment SUV, BYD TANG, a 7-seater with variable all-wheel drive, and sedan BYD HAN.

Price Action: BYD shares have gained over 8% in Hong Kong in last five days. The stock has lost over 22% since the beginning of the year.

Read Next: Warren Buffett-Backed EV Maker Joins Hands With Aurora Mobile To Drive Reach In Europe

Market News and Data brought to you by Benzinga APIs
Posted In: AsiaNewsGlobalMarketsMoversTechTrading IdeasGeneralChinaelectric vehiclesEurasiaEVsWarren Buffett
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Loading...