BYD, China's leading electric vehicle manufacturer, announced record profits despite low demand and increasing competition, maintaining its dominance in the domestic market.
In the third quarter, BYD reported a net profit of 10.41 billion yuan (1.42 billion USD), marking an impressive 82.2% surge compared to the same period last year. Revenue also saw a substantial increase, rising by 38.5% to reach 162.15 billion yuan. The company had earlier hinted that third-quarter net profit could potentially double, a projection that materialized in their latest financial disclosure.
Notably, BYD had witnessed a staggering 145% surge in profits in the second quarter.
The third-quarter revenue figure fell within the estimated range of 9.55 billion yuan to 11.55 billion yuan.
Sales for the Shenzhen-based electric vehicle giant, which counts Warren Buffett's Berkshire Hathaway among its investors, continued to thrive robustly in the world's largest automobile market, despite many competitors reducing prices due to a softening demand.
BYD set a new record in the third quarter with its new energy vehicle (NEV) sales, which soared by an annualized 53% to reach 824,001 units. The automaker also demonstrated exceptional performance in overseas markets, selling 71,231 NEVs in the same period, marking a remarkable 323% increase from the previous year.
This formidable performance not only underscores BYD's resilience in a fiercely competitive market but also affirms its strategic positioning in the global shift towards electric mobility. The company's ability to navigate challenges while maintaining impressive growth trajectory highlights its strong foundation and adaptability in an ever-evolving industry landscape.
Investors and industry analysts will be closely watching BYD's next moves, particularly as the electric vehicle market continues to experience dynamic shifts in demand, regulatory landscapes, and technological advancements. The company's consistent ability to exceed expectations places it in a formidable position within the global electric vehicle arena, setting a high bar for competitors to emulate.
