BYD’s net profit skyrockets 1,362.66% YoY in Q3 2020

Shanghai (Gasgoo)- BYD Company Limited (BYD) announced its revenue reached 44.52 billion yuan ($6.63 billion), boasting a year-on-year leap of 40.72%. Meanwhile, its net profit attributable to shareholders skyrocketed 1,362.66% from a year ago to 1.751 billion yuan ($260.769 million).

Thanks to the precipitous jump for the third quarter, BYD also recorded blooming growth in the year-to-date financial results. The company earned 105.022 billion yuan ($15.64 billion) in the Jan.-Sept. revenue, an 11.94% increase compared to the previous year. Its net profit for the first nine months also soared 116.83% to 3.414 billion yuan ($508.327 million).

BYD Song MAX; photo credit: BYD

The rapid financial growth should owe much to the increase in its automobile sales. In the third quarter, BYD saw its auto sales climb 2.52% year on year to 110,437 units. As of Sept., the company had posted year-on-year sales growth for three straight months.

After 15 consecutive months of downturn, BYD started to record growth in NEV sales. With 19,881 vehicles sold, BYD’s NEV arm nabbed a 45.32% surge from a year ago in Sept.

The BYD Han, a heavyweight full-sized premium sedan model hitting the market in July, had a sales volume of 5,612 units in September, a remarkable month-over-month growth of 40.3%. Boasting BYD's “Blade Battery”, the Han EV's long-range pure electric version has a remarkable single-charge range of 605 kilometers (376 miles) based on the NEDC test cycle. Moreover, the Han comes with the latest version of BYD's DiPilot intelligent driving assistance system and Huawei's 5G technology.

In the fourth quarter, BYD's NEV sales are forecasted to sustain a robust growth as the company has seized plenty of orders of the Han flagship sedan and the refreshed BYD Tang. Driven by the rising demands of the BYD Song Pro and the Song Plus, the oil-fueled vehicle business is also likely to show rapid growth, said BYD.

The company expects its full-year net profit in 2020 to stand between 4.2 billion yuan ($625.438 million) and 4.6 billion yuan ($685,003,020), shooting up 160% to 185% from the year-ago period.