China’s BYD Forecasts Higher Third-Quarter Profit on Record EV Sales

By Ben Otto

Chinese automaker BYD Co. expects third-quarter revenue to rise at the least 67% on the again of file electric-vehicle gross sales.
The Warren Buffett-backed maker of electrical automobiles and batteries estimated internet revenue for the quarter at between 9.55 billion yuan ($1.31 billion) and CNY11.55 billion, up from CNY5.72 billion in the identical interval a yr in the past, it mentioned in a inventory trade submitting late Tuesday.

For the primary three quarters of the yr, BYD expects revenue to greater than double to CNY20.50 billion to CNY22.50 billion, from CNY9.31 billion a yr in the past.
Sales quantity of new-energy automobiles reached a brand new excessive, “despite the increasingly intensified competition in the automobile industry in the third quarter,” BYD mentioned.
Earlier this month, BYD mentioned its complete car gross sales almost doubled within the January-September interval to 2.08 million automobiles.
Separately, subsidiary BYD Electronic mentioned Tuesday that it expects its nine-month revenue to greater than double, rising to CNY2.84 billion to CNY3.12 billion, from CNY1.24 billion a yr in the past.
The maker of cell handset parts cited growth in its enterprise with abroad prospects and rebounding demand from Android prospects, amongst different elements.
Write to Ben Otto at ben.otto@wsj.com