Chinese NEV maker BYD expects profit to jump over four times in Q3
China's leading new-energy vehicle (NEV) maker BYD expects net profit to hit 5.5 billion to 5.9 billion yuan ($760 million to $820 million) in the third quarter of 2022, surging over fourfold in value from the same period last year, the company said in a late Monday stock exchange release.
It made 1.26 billion yuan in profit in the third quarter last year.
BYD said its NEV sales sustained strong growth in the third quarter, driving profitability and effectively mitigating profit pressures caused by rising raw material prices.
The company projected net profit for the first nine months of the year will reach between 9.1 billion yuan to 9.50 billion yuan.
Its Shenzhen listed shares gained almost 5 percent at market close on Tuesday. Read More...
