[News] BYD and BYD Electronic Expect Profits to More Than Double in the First Three Quarters

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Chinese electric vehicle giant BYD is set to report impressive profits once again. The company announced on the 17th that it expects its net profit attributable to the parent company for the first three quarters of this year to be between CNY 20.5 billion and CNY 22.5 billion, an increase of 120.16% to 141.64% year-on-year. In the third quarter, the estimated net profit is set to reach CNY 9.546 billion to CNY 11.546 billion, representing a year-on-year growth of 67% to 101.99%. This quarterly performance mirrors the profitability achieved in the first half of the year.

BYD noted that the new energy vehicle industry continued its robust growth in the third quarter, with BYD achieving historic highs in new energy vehicle sales, maintaining its position as the world’s top seller of such vehicles. Looking at BYD’s monthly sales figures for the first three quarters of this year, the company consistently achieved record-high monthly sales. In September, BYD’s new energy vehicle sales exceeded 280,000 units, with cumulative sales for the first nine months reaching 2.0796 million units.

Furthermore, BYD mentioned that there was a “recovery in demand from Android customers” for its mobile parts and assembly business. BYD Chairman Wang Chuanfu previously stated, “We manufacture many phones, and most of Huawei’s phones are made by us.” This statement gained significant attention on social media. Subsequently, on August 29, the highly anticipated Huawei Mate 60 Pro was released and received a warm reception from consumers. This was followed by the releases of Huawei Mate 60 Pro+ and Huawei Mate X5, which joined the vanguard project.

BYD’s mobile parts and assembly business is primarily managed by its subsidiary, BYD Electronic. BYD Electronic also predicts strong profits, expecting its net profit attributable to the parent company for the first three quarters of this year to be between CNY 2.836 billion and CNY 3.116 billion, an increase of 129.29% to 151.93% year-on-year. The company stated that increased profits are mainly due to a rising proportion of overseas major customers, a rebound in Android customer demand, and continued rapid growth in new energy vehicles and new smart products, which have led to improved utilization of the group’s production capacity, further optimized business structure, and substantial profit growth.

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(Photo credit: BYD)