shares of Warren Buffett-supports BYD Co. BYDDY BYDDF increased by over 5% China after the company reportedly said its third-quarter net income likely more than quadrupled, led by robust sales and a better product mix. The firms Hong Kong Stocks traded over 6% higher.
What happened: BYD competes with players such as Tesla Inc. TSLA and Nio Inc. NEVER, especially since it increases the focus on . Estimated net profit for the July-September quarter ranged from 5.5 to 5.9 billion yuan (US$765 to 820 million), up 333% to 365.1% from the same period last year. reported Reuters.
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A filing filed late Monday said improved cost controls also contributed to the increase in revenue, the report said.
BYD’s combined sales of pure electric and plug-in hybrid vehicles rose 250% in the first nine months, beating the 110% increase for the entire EV segment, according to the report.
The company introduced three new all-electric passenger cars in Europe at the Paris Motor Show BYD ATTO 3a C-segment SUV, BYD TANGa 7-seater with variable four-wheel drive, and a sedan BYD HAN.
Price promotion: BYD shares are up over 8% in the past five days in Hong Kong. Year-to-date, the stock is down over 22%.
Continue reading: The Warren Buffett-backed EV maker is partnering with Aurora Mobile to expand reach in Europe
