BYD sees Q3 2022 revenue, net profit surge at 3-digit YoY growth

Shanghai (Gasgoo)- BYD Company Limited ("BYD") said last Saturday its revenue in the third quarter of 2022 (Q3 2022) surged 115.59% from a year earlier to 117.081 billion yuan ($16.111 billion), while its net profit attributable to shareholders also soared at a three-digit year-on-year growth of 350.26% to 5.716 billion yuan ($786.585 million).

For the first three quarters of this year (Q1-Q3 2022), BYD's revenue totaled around 267.688 billion yuan ($36.836 billion), leaping 84.37% from the previous year.

Photo credit: BYD

The company noted the blooming growth in its Q1-Q3 revenue mainly flowed from its growing new energy vehicle (NEV) business. BYD discontinued the production of oil-fueled vehicles in March this year. For the first nine months of 2022, it sold a total of 1,180,054 NEVs, indicating a 249.56% year-over-year hike.

Besides, the NEV sales growth also resulted in a 78.19% year-on-year rise in BYD's Jan.-Sept. operating cost, which amounted to around 225.147 billion yuan ($30.982 billion).

In addition, BYD witnessed its Q1-Q3 net profit attributable to shareholders zoom up 281.13% over a year earlier to about 9.311 billion yuan ($1.281 billion). Notably, the Jan.-Sept. net profit even shot up 843.66% year on year after deduction of non-recurring profit and loss.

BYD reported a R&D expense of 10.87 billion yuan ($1.496 billion) for the Q1-Q3 period, reflecting a 107.69% spike compared to the year-ago period.