SHANGHAI – Of China The biggest tram (EV) maker BYD said its third-quarter net profit jumped 350% from a year ago, thanks to a wide range of product offerings and strong sales that beat Tesla in the world’s largest auto market.
BYD’s net profit for the July-September quarter came in at 5.72 billion yuan ($788.75 million), while its profit for the first nine months rose 281% to 9.31 billion yuan, The company said in a stock exchange filing on Friday.
This result is in line with the forecast that the company announced last week.
After removing gasoline vehicles from its product mix this year, BYD, more than any other automaker, can take advantage of a range of incentives for Electric Car provided by the central and local governments of China.
The company, 19% owned by Warren Buffett’s Berkshire Hathaway, has also been able to significantly reduce its cost per vehicle thanks to strong sales and a broader product range than its EV competitors. other.
BYD’s combined sales of pure electricity and mixture plug-in vehicles grew 250% in the first nine months of the year to 1.2 million units, outstripping the 110% increase in the electric vehicle segment as a whole. Tesla sold just over 318,000 electric vehicles in China in the first nine months of the year.