BYD Expects Record Quarter Profits

The world’s largest electric vehicle manufacturer BYD expects third-quarter profit of 5.5-5.9 billion yuan ($760-814 million), which will be a record for the company. Compared to last year, this figure will grow by 333-365%, according to a preliminary report from the automaker.

Despite adverse factors such as the ongoing COVID-19 pandemic, extremely high temperatures, difficult economic conditions and high raw material prices, demand for electric vehicles remains strong, and the company’s sales have reached a record high, BYD notes. According to preliminary data, BYD managed to sell more than 537,000 electric and hybrid vehicles this quarter, up 197% from last year.

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In the first half of this year, BYD has become the new global leader in the electric vehicle market. In six months, the Chinese manufacturer managed to sell 641,400 hybrid and electric vehicles. Whereas Tesla (NASDAQ:TSLA) only sold 564,000 vehicles in the same period.

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