China’s Top Car Brand BYD Confirms Record Quarterly Profit
- Net income rose 82% from a year earlier to 10.4 billion yuan
- Shenzhen-based BYD’s shares have risen 40% in past 12 months
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BYD Co., China’s top-selling car brand, reported a record quarterly profit Monday, rounding out its best period ever for electric vehicle sales despite a sectorwide slowdown.
Net income grew 82% from the same time last year to 10.4 billion yuan ($1.4 billion) in the three months through September, in-line with the company’s preliminary guidance earlier in October. Revenue rose 38% to 162 billion yuan.