Paris, Oct. 18 (BNA) BYD, the largest electric vehicle maker in China, said its third-quarter net profit more than quadrupled due to strong sales and a better product mix, sending its shares higher.
It estimated net profit for the July-September quarter ranged from 5.5 billion yuan to 5.9 billion yuan ($765 million to $820 million), or a 333% to 365.1% increase over the same period a year earlier, according to Reuters.
BYD shares in Hong Kong are up 4% while its shares in Shenzhen are up 5%.
The company, which is 19% owned by Warren Buffett Berkshire Hathaway, said in a statement late Monday that improved cost controls also contributed to a jump in profits.
Government incentives have helped boost sales of electric vehicles in the world’s largest auto market.
BYD’s combined sales of pure electric and hybrid vehicles increased 250% in the first nine months, easily outstripping an 110% increase in the overall electric vehicle segment.
FAE