BYD Reports High Q3 EV Profits as Sales Surge
Chinese electric vehicle giant BYD expects its net profits for third quarter 2023 to nearly double, thanks to a recent surge in electric vehicle sales. The Berkshire Hathaway-backed company is Tesla’s top competitor in China and outpaced the American EV maker by nearly 200,000 units in sales. Forecasts from BYD show that the company predicts to record a net profit of $1.31 to $1.57 billion for the July to September period, representing a 67% to 102% increase from last year. The company noted that despite seeing increasingly stiff competition in the auto segment in the third quarter of the year,…