Hyperdrive
BYD Shares Jump on China EV Maker’s Record Quarterly Profit
- Carmaker says third-quarter net may be up to 11.5 billion yuan
- Chinese firm controls greater parts of its auto supply chain
BYD Co. Dynasty series electric vehicles at a dealership in Beijing, China.
Source: Bloomberg
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BYD Co. shares jumped the most in more than nine months in Hong Kong trading after China’s biggest electric car maker posted record preliminary third-quarter earnings.
Third-quarter net income will come in as high as 11.5 billion yuan ($1.6 billion), compared to 5.7 billion yuan a year earlier, the automaker said in an exchange filing late Tuesday. Profits in the nine months ended Sept. 30 may be between 20.5 billion yuan to 22.5 billion yuan, exceeding net income for all of 2022 of 16.6 billion yuan.