Chinese automaker BYD Co. is anticipating a significant increase in third-quarter profit due to record-breaking sales of electric vehicles. The company, which is backed by legendary investor Warren Buffett, estimates that its net profit for the quarter will be between 9.55 billion yuan ($1.31 billion) and 11.55 billion yuan, a rise of at least 67% compared to the same period last year.
Impressive Year-to-Date Results
BYD expects its profit for the first three quarters of the year to more than double, ranging from 20.50 billion yuan to 22.50 billion yuan, compared to 9.31 billion yuan in the previous year. Despite increased competition within the automobile industry during the third quarter, BYD achieved a new sales volume record for new-energy vehicles.
Growing Success for BYD Electronic
BYD Electronic, a subsidiary of BYD Co., is also experiencing notable growth. The company expects its nine-month profit to more than double, reaching between 2.84 billion yuan and 3.12 billion yuan, compared to 1.24 billion yuan in the previous year. The expansion of business with overseas customers and increased demand from Android customers are among the key factors contributing to this success.