Business is doing well for BYD. The world number one in electricity has published its third quarter results. And they are excellent, with a net profit of 10.4 billion yuan (1.35 billion euros) over this period.
A result which can be explained in particular by strong demand for electric vehicles in China. Hence growth of 82% for the group over one year, according to a press release issued by the manufacturer to the Hong Kong Stock Exchange.
Over the first nine months of the year, the results are just as impressive. Profits reached 21.4 billion yuan, or 2.77 billion euros. This is more than double compared to the year 2022. Results aligned with what the company expected.
Towards more difficult growth in Europe?
It remains to be seen whether this will continue well, especially in markets other than China. In Europe, the manufacturer’s road could soon be made harder than expected, due to a European Union investigation into Chinese electric cars.
The Chinese government is in fact suspected of subsidizing its manufacturers. Which gives them a cost advantage over the Europeans, on the latter’s territory. This may represent unfair competition and could lead to an increase in customs duties.
The fact remains that BYD is doing much better than other large European companies when it comes to electric cars. This is particularly the case for Volkswagen, which is suffering in this segment. The Chinese firm is even catching up with Tesla, with 431,603 cars sold in this third quarter, compared to 435,059 for Elon Musk’s company.
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To sum up
BYD is posting good results in 2023. The company recorded a profit of 1.35 billion euros in the third quarter. Which brings it to 2.77 billion in profits since the start of the year. More than double in 2022.
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