Tesla rival BYD posts record quarterly profit of $1.42 billion
BYD Co Ltd, China's top electric vehicle (EV) producer, announced an all-time high net profit of CNY 10.41 billion (around $1.42 billion) for Q3 2023. This is despite facing a slowdown in demand and growing competition in the local market. The company experienced an 82.2% year-over-year increase in net profit, along with a 38.5% jump in revenue, reaching CNY 162.2 billion.
Q3 earnings within the forecast range
The third-quarter earnings of the Tesla rival fell within its predicted range of CNY 9.55 billion to CNY 11.55 billion. However, the growth rate was less substantial compared to Q2, when the firm's profit skyrocketed by 145%. Earlier this month, BYD had indicated that its Q3 net profit could potentially double.
Maintaining market leadership amid challenges
BYD has successfully retained its leading position in the domestic EV market, even amid challenges such as reduced demand and intensifying competition. The company's record-setting Q3 earnings demonstrate its adaptability and resilience in a fast-changing industry. As the global EV market continues to expand, BYD's robust financial performance sets an optimistic tone for upcoming quarters.
