BYD’s third-quarter net profit increased by 350%! Production and sales of fuel vehicles hit 0 for the first time

On October 28, BYD disclosed its third quarter report for 2022. The report shows that in the third quarter of 2022, BYD achieved operating income of 117.08 billion yuan, a year-on-year increase of 115.59%; net profit attributable to the parent was 5.716 billion yuan, a year-on-year increase of 350.26%.

BYD has previously mentioned that in the third quarter of 2022, the new energy vehicle industry will continue to accelerate upward. BYD’s new energy vehicle sales maintained strong growth, driving earnings improvement and easing the profit pressure caused by rising upstream raw material prices. Production and sales data show that BYD sold a total of 538,700 vehicles during the reporting period, a year-on-year increase of 161.44%.

In terms of sub-projects, different from the same period in 2021, all vehicles sold by BYD in the third quarter of 2022 are new energy vehicles, and the production and sales of fuel vehicles are zero. It is reported that BYD has previously announced that due to the company’s strategic development needs, BYD has stopped production of fuel vehicles from March 2022, and will focus on pure electric and plug-in hybrid models in the future.

99.74% of the vehicles sold by BYD are passenger models, including 258,600 pure electric new energy vehicles and 278,500 plug-in hybrid electric new energy vehicles. In the third quarter of 2022, the sales of plug-in hybrid electric vehicles increased by 213%, while the sales of pure electric new energy vehicles increased by 182%. (Text | “Financial World” Weekly Liu Zhen)