This is the Chinese manufacturer’s best performance in a quarter. Between July and September, BYD, the world’s leading manufacturer in the electric segment, recorded a net profit of 10.4 billion yuan (1.35 billion euros), still supported by strong demand for clean vehicles in China. The group shows growth of 82% in one year, he stated in a press release to the Hong Kong Stock Exchange, where the group is listed.
This result is in line with the forecasts of the group based in Shenzhen (southern China), which expected between 9.55 and 11.55 billion yuan. During the first nine months of 2023, profits reached 21.4 billion yuan (2.77 billion euros), more than double that of the same period in 2022.
BYD (“Build Your Dreams”) is one of the most prominent electric vehicle brands in China. The country, the world’s leading producer of greenhouse gases in absolute terms, aims to have automobile sales composed mainly of electric and hybrid vehicles by 2035.
A battery manufacturer
Generous purchasing subsidies have allowed sales to take off in recent years, while many innovative local manufacturers have emerged to support this transition in the world’s largest automobile market.
Originally specializing in battery design and manufacturing, the company diversified into automobiles starting in 2003. Many foreign manufacturers (Tesla, BMW, Mercedes, Audi, Toyota, Ford, etc.) now depend on BYD for their batteries.
The group, which counts Warren Buffett among its shareholders, also became this month the first global manufacturer to cross the symbolic threshold of five million electric vehicles produced.
Sales of hybrid and electric models have nearly doubled in China in 2022 to account for more than a quarter of vehicles sold, according to the China Federation of Personal Automobile Manufacturers (CPCA).
Source: BFM TV
