BYD Reports Surge in Preliminary Net Income on Record High Sales
Chinese electric vehicle maker BYD Co. Ltd. reported a surge in preliminary net income for the first nine months of 2023, driven by record high sales.
Revenue Growth
BYD reported a revenue of CNY 209.3 billion ($31.2 billion) for the first nine months of 2023, up by 34.2% from the same period last year. The company attributed the growth to strong sales of its electric vehicles, which rose by 43.3% year-on-year to CNY 159.2 billion.
Net Income
BYD reported a preliminary net income of CNY 8.2 billion for the first nine months of 2023, up by 59.3% from the same period last year. The company attributed the surge in net income to higher sales and improved profitability.
Electric Vehicle Sales
BYD’s electric vehicle sales rose by 43.3% year-on-year to CNY 159.2 billion for the first nine months of 2023. The company attributed the growth to strong demand for its electric vehicles, which have become increasingly popular in China.
Battery Sales
BYD’s battery sales rose by 28.3% year-on-year to CNY 32.3 billion for the first nine months of 2023. The company attributed the growth to strong demand for its batteries, which are used in electric vehicles and other applications.
Profitability
BYD reported an operating margin of 10.2% for the first nine months of 2023, up from 8.9% in the same period last year. The company attributed the improvement in profitability to higher sales and improved efficiency.
Outlook
BYD expects its sales to continue to grow in the coming months, driven by strong demand for its electric vehicles. The company also expects its profitability to remain strong, as it continues to focus on improving efficiency and reducing costs.
Conclusion
BYD reported a surge in preliminary net income for the first nine months of 2023, driven by record high sales of its electric vehicles and batteries. The company attributed the growth to strong demand for its products and improved efficiency. BYD expects its sales and profitability to remain strong in the coming months, as it continues to focus on improving efficiency and reducing costs.