Warren Buffett-Backed EV Maker BYD's Sales Climbed Nearly 39% In October

hl.co.uk:

We don’t support this browser anymore.
This means our website may not look and work as you would expect. Read more about browsers and how to update them here.

Newsroom

Newsroom articles are published by leading news agencies. Hargreaves Lansdown is not responsible for an article's content and its accuracy. We may not share the views of the author.

HL Podcast

HL Insight

BYD, the China electric vehicle and battery leader backed by Warren Buffett's Berkshire Hathaway, said Tuesday sales of new energy vehicles rose.

Article originally published by Forbes. Hargreaves Lansdown is not responsible for its content or accuracy and may not share the author's views. News and research are not personal recommendations to deal. All investments can fall in value so you could get back less than you invest.

Published by

02 Nov 2023

BYD, the China electric vehicle and battery leader backed by Warren Buffett’s Berkshire Hathaway, said Tuesday sales of new energy vehicles rose by nearly 39% in October to 301,833 from 217,816 a year earlier, underscoring the popularity of EVs at home in home and its growing international presence.

The company’s sales in the first 10 months of the year climbed by 70% to 2.3 million units, helped by modestly improved economic growth in China and the end of industry disruptions from Covid-related lockdowns in Shanghai a year ago. BYD's HK-traded shares have gained more than a fifth in the past year despite intensifying price competition. The Shenzhen-headquartered manufacturer’s market capitalization of $91 billion tops that of GM and Ford combined.

BYD said on Monday net profit in the third quarter increased by 82% to 10.4 billion yuan, or $1.4 billion. That was in line with estimates published by the