China EV maker BYD reports record quarterly profit of $1.42 billion in Q3

BYD electric vehicles are seen at a BYD dealership in Brasilia, Brazil October 24, 2023. REUTERS/Adriano MachadoBEIJING/SHANGHAI : China's BYD Co Ltd on Monday posted record third-quarter earnings, its highest ever for any quarter, as the electric vehicle giant preserved its domestic market leadership despite softer demand and increased competition.

Net profit for the third quarter reached 10.41 billion yuan , a 82.2 per cent increase from a year earlier, on a 38.5 per cent rise in revenue to 162.2 billion yuan, BYD said in a market filing. It flagged earlier this month that third-quarter net profit could as much as double. That was a smaller increase than the second quarter when profit was up 145 per cent. The third-quarter earnings was within its forecast range of between 9.55 billion yuan and 11.55 billion yuan.

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