AutoBeta(AutoBeta.net)10/13 Report--

BYD's net profit has soared. A few days ago, BYD issued a revised announcement on its results for the first three quarters, which revised its net profit from a pre-increase of 77.86% to 115.97%, from 90.56% to 115.97%. The total net profit for the first three quarters is expected to be 3.4 billion yuan to 3.6 billion yuan.

In the first half of this year, BYD made a net profit of 1.662 billion yuan, an increase of 14.29% over the same period last year. The company's previously released operating results forecast for the period from January to September 2020 shows that the expected net profit is 2.8 billion yuan to 3 billion yuan, which means that BYD expects to achieve a net profit of 1.138 billion yuan to 1.338 billion yuan in the third quarter.

Based on the actual market performance, BYD decided to raise its performance forecast. BYD's announcement shows that the revised net profit for the first three quarters is expected to be 3.4 billion yuan to 3.6 billion yuan, an increase of 600 million yuan than previously expected, meaning that BYD expects to make a net profit of 1.738 billion yuan to 1.938 billion yuan in the third quarter.

Under the circumstances, BYD's performance in the third quarter alone exceeded its total profits in the first half of 2020.

BYD said that the automotive sector business achieved restorative growth in the third quarter of 2020, especially the rapid bottoming out of new energy vehicle sales and the rapid growth of its new energy vehicle sales.

According to KuaiBao, BYD's sales in September 2020 totaled 42183 vehicles, up 3.6 per cent from a year earlier. Among them, sales of new energy vehicles were 19881, up 45.3% from the same period last year, while sales of fuel vehicles were 22302, down 17.5% from the same period last year.

The new energy sector returned to monthly growth, mainly due to the promotion of Han and Tang models. Official figures show that 5612 Han models were sold in September and 3000 new Tang DM models were sold.

In the first three quarters, BYD's new energy sector is still weak. From January to September, BYD sold a total of 110941 new energy vehicles, down 42.4% from the same period last year. Sales of fuel vehicles totaled 158034, an increase of 10.4 per cent over the same period last year.

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