Chinese automaker BYD Co. BYDDF is predicting a minimum 67% rise in its third-quarter profit, propelled by unprecedented electric vehicle sales. The firm, backed by billionaire investor Warren Buffett, is estimating a net profit amounting to between 9.55 billion yuan ($1.31 billion) and 11.55 billion yuan ($1.5 billion), a significant increase from 5.72 billion yuan ($783 million) reported in the third quarter of last year.
As the Wall Street Journal reported, the company revealed these projections in a recent stock exchange filing. For the first nine months of 2023, BYD Co. envisions its profit more than doubling, soaring from 9.31 billion yuan ($1.27 billion) in 2020 to between 20.50 billion yuan ($2.8 billion) and 22.50 yuan billion ($3.08 billion) this year.
According to the filing, sales of new-energy vehicles have reached a record high, despite the “increasingly intensified competition in the automobile industry in the third quarter.” Earlier in the month, BYD announced that its total vehicle sales had nearly doubled in the January-September period, with a staggering 2.08 million vehicles sold.
Furthermore, BYD Electronic, a subsidiary of the automaker, also anticipates a more than two-fold increase in its nine-month profit, citing an expansion in its business with overseas clients and rebounding demand from Android customers.
Photo by Philip Lange on Shutterstock
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