BYD’s new energy vehicle has made a profit! Net profit of 5.716 billion yuan in the third quarter soared by 350%

All of its passenger cars are “green cards”, and the monthly sales still exceed 200,000 units, pushing North and South Volkswagen to become the top-selling car brand in China. At the same time, BYD’s new energy vehicles are selling wildly, and their performance has also continuously set new records.

On October 28, BYD announced its third-quarter financial report. The third-quarter revenue was 117.081 billion yuan, a year-on-year increase of 115.59%; the net profit attributable to the parent was 5.716 billion yuan, a year-on-year increase of 350.26%.

In the first three quarters of 2022, the revenue was 267.688 billion yuan, a year-on-year increase of 84.37%, mainly due to the increase in the new energy vehicle business; the net profit attributable to the parent was 9.311 billion yuan, a year-on-year increase of 281.13%.

BYD said that in the third quarter of this year, despite multiple unfavorable factors such as the complex and severe economic situation, the spread of the epidemic, extreme high temperature weather and high commodity prices, the new energy vehicle industry continued to accelerate its upward trend.

The sales volume of the Group’s new energy vehicles maintained a strong growth and continued to hit a record high. The market share was far ahead and continued to strengthen, achieving substantial year-on-year and month-on-month growth, driving a substantial improvement in profitability and effectively alleviating the profit pressure caused by rising upstream raw material prices.

In terms of sales, BYD’s sales continued to soar throughout the third quarter, with sales of 162,500 in July, 175,000 in August and 201,300 in September. BYD’s sales in the entire third quarter have reached 538,800. From January to September this year, the cumulative sales of new energy vehicles reached 1.18 million.