SHANGHAI (Reuters) – BYD, China’s biggest electric vehicle (EV) maker, said its third-quarter net profit jumped 350% from a year ago, helped by a wider range of product offerings and strong sales that saw it beat Tesla into the world’s largest automaker. market.
BYD’s net profit for the July-September quarter reached 5.72 billion yuan ($788.75 million), while that for the first nine months rose 281% to 9.31 billion yuan, a the company said in a stock filing on Friday.
The result was in line with forecasts released by the company last week.
After removing gasoline-powered vehicles from its product lineup this year, BYD has, more than any other automaker, been able to capitalize on a range of electric car incentives offered by China’s central and local governments.
The company, 19% owned by Warren Buffett’s Berkshire Hathaway, has also been able to significantly reduce costs per vehicle thanks to strong sales and a wider product lineup than other electric vehicle competitors.
BYD’s combined sales of pure electric and plug-in hybrid vehicles rose 250% in the first nine months to 1.2 million units, outpacing a 110% increase for the entire EV segment. Tesla sold just over 318,000 electric vehicles in China in the first nine months of the year.
($1 = 7.2520 Chinese yuan renminbi)
(Reporting by Zhang Yan, Brenda Goh; Editing by Kirsten Donovan)