BYD Posts Record Q3 Net Income, Gross Margin Rebounds to 21.89%

CnEVPost · Oct 30 07:55

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BYD reported net income of RMB 11.607 billion in the third quarter, up 11.47 percent year-on-year and 28.08 percent from the second quarter.

BYD (HKG: 1211, OTCMKTS: BYDDY) saw record revenue as well as net income last quarter, as vehicle sales hit record high.

The Chinese new energy vehicle (NEV) maker reported revenue of RMB 201.12 billion ($282) in the third quarter, up 24.04 percent year-on-year and up 14.16 percent from the second quarter, according to financial results released today.

It reported net income of RMB 11.61 billion in the third quarter, up 11.47 percent year-on-year and up 28.08 percent from the second quarter.

Gross margin for the third quarter was 21.89 percent, up from 18.69 percent in the second quarter and up from 18.96 percent a year earlier.

During the third quarter, BYD sold a record 1,134,892 NEVs, marking the first time the company's sales exceeded 1 million units in a single quarter.

That's up 37.73 percent year-on-year and 15.02 percent from the second quarter.

($1 = RMB 7.1226)

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BYD Posts Record Q3 Net Income, Gross Margin Rebounds to 21.89%

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