China’s BYD Posts Highest Ever Quarterly Profit With 82% Jump

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

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Vishakha Saxena

Vishakha Saxena is the Multimedia and Social Media Editor at Asia Financial. She has worked as a digital journalist since 2013, and is an experienced writer and multimedia producer. As a trader and investor, she is keenly interested in new economy, emerging markets and the intersections of finance and society. You can write to her at [email protected]