Chinese electric vehicle maker BYD's third-quarter profit drops 27.5per cent

Chinese electric vehicle maker BYD's third-quarter profit drops 27.5per cent

28/10/2021 1:02:00 PM

Chinese electric vehicle maker BYD's third-quarter profit drops 27.5per cent

BEIJING :Chinese electric vehicle (EV) maker BYD Co Ltd, which is backed by billionaire Warren Buffett, on Thursday reported a 27.5per cent drop in third-quarter net profit.BYD made a 1.27 billion yuan (US$198.54 million) net profit in the three months to Sept. 30, down from 1.75 billion yuan in the same peri

BEIJING :Chinese electric vehicle (EV) maker BYD Co Ltd, which is backed by billionaire Warren Buffett, on Thursday reported a 27.5per cent drop in third-quarter net profit.BYD made a 1.27 billion yuan (US$198.54 million) net profit in the three months to Sept. 30, down from 1.75 billion yuan in the same period last year.

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BYD, which has partnerships with Japan's top automaker Toyota and Germany's Daimler in China, said operating income grew 22per cent to 54.31 billion yuan.The Shenzhen-based car company, which rolled out a customised EV model for ride-hailing services with China's Didi last year, sold 452,744 vehicles in the first nine months this year, 63per cent higher from a year earlier, thanks to popular plug-in hybrid vehicles.

(US$1=6.3968 Chinese yuan renminbi)(Reporting by Yilei Sun and Brenda GohEditing by David Goodman) Read more: CNA »

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