BYD Signals for Quadruple Growth in 3Q22 from Robust Sales

The share price of Chinese biggest electric car maker BYD Co. (Build Your Dream) soared on Tuesday after the company signaled for a huge surge in 3Q22 earnings.

BYD said on October 18, the third-quarter net profit is likely to quadruple due to robust sales and a better product mix. The net profit for the July-September quarter was estimated to reach between 5.5 billion yuan and 5.9 billion yuan, representing a 333% to 365.1% increase from the same period a year earlier.

The company’s combined sales of pure electric and hybrid plug-in vehicles increased 250% in the first nine months, a level that exceeded the overall EV segment that grew only 110%.

The share price of BYD in Shenzhen stock market rose 5% to CNY273.67, while the securities traded in Hong Kong jumped 6.22% to HKD205 per share.