BYD, which is backed by Warren Buffett, said sales volumes of its new energy vehicles, which include electric cars, 'continued to reach record highs.'
Warren Buffett-backed BYD said it expects a more than 300% jump in third-quarter profit. Despite headwinds including a resurgence of Covid in China, rising material costs and a slowing economy, BYD has remained fairly resilient.rose Tuesday after the company forecast a huge jump in profit for the third quarter.
Late Monday, the Warren Buffett-backed firm said net profit in the three months to Sept. 30 is estimated to be between 5.5 billion yuan to 5.9 billion yuan , a rise of 333.6% to 365.11% versus the same period last year.
The company said sales volume of its new energy vehicles, which include electric cars, "continued to reach record highs" helping boost market share and "driving significant improvement in earnings and effectively relieving the pressure on earnings brought by the rising prices of upstream raw materials."grappling with the rising cost of raw materialsFrom the start of the year to the end of September, BYD has sold 1.
While the Shenzhen-headquartered company has remained fairly resilient in the face of headwinds such as a resurgence of Covid in China and a slowing economy, its smaller rivals have faced difficulties.
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