Automaker BYD expects a Q3 net income of as much as 11.5 billion yuan, more than H1’s 11 billion yuan. While the results are impressive, the growth in the third quarter remains slightly lower than in the previous quarter.
EV business continues to be the primary driver of profitability. In September, BYD sold 287,500 EVs, a 75 percent year-on-year increase. The company's target for 2023 is 3 million. Export performance is exceptional. From January to September, BYD saw greater growth in exports than any other domestic automaker.
In a fierce price war, BYD has managed to increase its profit. In addition to reduced battery costs, the company's entry into the high-end market has been a big success. Yangwang U8, a premium EV priced above 1 million yuan, has raised earnings per vehicle to nearly 8000 yuan.
