China's BYD Approaches 2 Trillion Won Net Profit in Q3... Record High

China's BYD, the world's largest electric vehicle manufacturer, posted nearly 2 trillion won in net profit for the third quarter of this year.

On the 30th, BYD announced that its net profit for the third quarter reached 10.413 billion yuan (approximately 1.9192 trillion won), an 82.2% increase compared to the same period last year. This is the highest quarterly performance ever recorded. During the same period, revenue increased by 38.5% to 162.2 billion yuan. Local media outlet Shanghai Securities News reported, "This amounts to an average daily profit of 113 million yuan."

[Image source=Reuters Yonhap News]

Regarding these results, BYD stated, "Sales of new energy vehicles continue to hit record highs, securing the global number one position in sales." From January to September, BYD's cumulative sales of new energy vehicles reached 2,079,600 units. In September alone, 286,900 units were delivered. During the same period, Tesla China delivered 74,073 units.

Overseas business growth is also remarkable. Cumulatively, BYD's exports reached 154,000 units, representing a 520% increase compared to the previous year, marking the largest growth among local companies. This month, BYD became the first Chinese automobile manufacturer to participate in the motor show held in Tokyo, Japan.

Cumulatively, BYD invested 24.938 billion yuan in research and development (R&D) costs up to the third quarter, an increase of 129.42% compared to the previous year.

This content was produced with the assistance of AI translation services.