Beijing (Gasgoo)- BYD, a local battery and electric vehicle maker in China, raised its earnings estimate for the first three quarters from RMB2.8 billion-RMB3 billion to RMB3.4 billion-RMB3.6 billion.
During the same period of last year, the listed company’s net profit attributable to its shareholders was RMB1.57 billion. After the revision, the company expects the year-on-year growth rate of its earnings in the reporting period will be in the range of 115.97% to 128.67% and the earnings per share will be from RMB1.18 to RMB 1.25.
BYD Han EV; photo credit: BYD
According to its half-year report, the net profit attributable to its shareholders was RMB1.66 billion. If we deduct that from its latest estimate for the first three quarters, we can see that the company anticipates its third-quarter profit to be RMB1.938 billion at the most and RMB1.738 billion at the least.
The automaker attributed the earnings increase to its growing automotive business and the market recovery from the pandemic impact. In September, its vehicle sales were 42,183 units, up 3.57% year on year and 14.7% month on month. In the third quarter, its sales reached 110,300 units, representing a year-on-year growth of 2.4% and a growth of 13.34% compared with the previous quarter.
In particular, its New Energy Vehicle (NEV) business had an outstanding performance. The monthly sales of the segment reached 19,881 units, up 45.32% year on year and 30.09% month on month. In the first nine months, BYD sold a total of 110,941 NEVs, representing a decrease of 42.4%.
Two main sales drivers are the Han and the Tang DM. The monthly sales of the former increased 40.3% month on month to 5,612 units and those of the latter nearly doubled to over 3,000 units when compared with the previous month.
The automaker also said that thanks to the improvement in operation efficiency and product portfolio, its profitability has been further enhanced.
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