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.
