BEIJING/SHANGHAI (Reuters) – China’s BYD Co Ltd on Monday posted record third-quarter earnings, its highest ever for any quarter, as the electric vehicle giant preserved its domestic market leadership despite softer demand and increased competition.
Net profit for the third quarter reached 10.41 billion yuan ($1.42 billion), a 82.2% increase from a year earlier, on a 38.5% rise in revenue to 162.2 billion yuan, BYD said in a market filing. It flagged earlier this month that third-quarter net profit could as much as double.
That was a smaller increase than the second quarter when profit was up 145%. The third-quarter earnings was within its forecast range of between 9.55 billion yuan and 11.55 billion yuan.
($1 = 7.3156 Chinese yuan renminbi)
(Reporting by Qiaoyi Li, Zhang Yan and Brenda Goh; Editing by Jamie Freed and Louise Heavens)
