Caixin
Oct 19, 2022 05:30 PM
BUSINESS

China’s BYD Expects Quarterly Profit to Surge as EV Sales Hit Record

A BYD Co. E-SEED electric concept vehicle stands plugged in to a charging station at the Beijing International Automotive Exhibition in Beijing on April 26, 2018. Photo: Bloomberg
A BYD Co. E-SEED electric concept vehicle stands plugged in to a charging station at the Beijing International Automotive Exhibition in Beijing on April 26, 2018. Photo: Bloomberg

(Bloomberg) — BYD Co. jumped as much as 7.25% in Hong Kong on Tuesday after the Chinese electric vehicle (EV) manufacturer said its third-quarter profit may surge up to 365%, another sign the Warren Buffett-backed company is managing to sidestep supply chain snags and capitalize on strong consumer demand.

Net income is forecast to come in between 5.5 billion yuan ($765 million) and 5.9 billion yuan, which would be a record, the Shenzhen-based group said late Monday. BYD is benefiting from making its own batteries and semiconductors, helping it avoid disruptions that have hurt rivals, including Elon Musk’s Tesla Inc.

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