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Shares of BYD, the world’s largest electric vehicle maker, surge on bullish profit forecast
- The carmaker forecast a huge jump in third-quarter profit as mainland Chinese motorists increasingly make the shift to battery-powered vehicles
- BYD outsold Tesla in the first half of 2022 to become the world’s biggest electric carmaker by sales
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Daniel Renin Shanghai
Shares of BYD, the world’s largest electric-car maker, surged more than 6 per cent on Tuesday after the company forecast a huge jump in third-quarter profit as mainland Chinese motorists increasingly make the shift to battery-powered vehicles.
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Shenzhen-based BYD, which is backed by Warren Buffett’s Berkshire Hathaway, said its earnings between July and September could rise to as much as 5.9 billion yuan (US$820 million), up 365.1 per cent on the year.
“The company’s sales of new-energy vehicles (NEVs) maintained a high-growth momentum [in the third quarter] and set an all-time high,” BYD said in a filing to the Hong Kong stock exchange on Monday evening.
Rising sales and market share had eased the pressure of higher materials costs, it added.
BYD sold 538,704 NEVs – a term encompassing pure electric and plug-in hybrid cars – in the third quarter, up 194.4 per cent from a year ago and 51.7 per cent from the previous three months.
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Its Hong Kong-listed shares climbed 6.2 per cent to HK$205 (US$26.12) on Tuesday, while its yuan-denominated A shares traded in Shenzhen advanced 5 per cent to 273.67 yuan.
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