The Chinese new energy vehicle giant said the company’s third-quarter net profit rose 350% over the same period last year.
The company’s profit gains were helped by a wider product offering to several new countries and strong sales making it competitive with Tesla in the global electric vehicle market.
BYD’s third-quarter net profit was 5.72 billion yuan ($788.75 million). For the January to September period, BYD’s net profit increased 281% to 9.31 billion yuan, the company said on Friday.
BYD itself is currently focusing on developing new energy vehicles and discontinuing the development of vehicles with internal combustion engines.
BYD was able to take advantage of various incentives for electric cars offered by the central and local governments in China. On the other hand, the company also managed to control the supply chain during the lockdown period due to Covid-19.
BYD significantly reduced cost per vehicle in addition to having strong sales from the various new energy vehicle segments it produced including commercial vehicles.
Sales of new energy vehicles (BEV and PHEV) increased 250% in the first nine months to 1.2 million units, outpacing the 110% increase for the EV segment as a whole. Tesla sold more than 318,000 electric vehicles in China during the first nine months of this year.
As many as 19% of BYD’s shares are currently owned by Warren Buffett’s Berkshire Hathaway (BRKa.N).