Tesla wins: BYD: Holding Buffett increases profits by 350 percent

Tesla wins: BYD: Holding Buffett increases profits by 350 percent

China’s largest electric car maker has delivered results. BYD announced that third quarter net income increased 350 percent year over year. What is the stock doing?

BYD’s net profit for the third quarter was 5.72 billion Chinese yuan (about 788.75 million US dollars). Net income for the first nine months rose 281 percent to 9.31 billion Chinese yuan (CNY), the company said in a stock market report on Friday.

Revenue rose by 115.6 percent to 117.1 billion yuan. Compared to the previous quarter, it grew by 39.8 percent. Since the beginning of this year, the Chinese have increased sales by 84.4 percent to 267.7 billion yuan.

BYD has significantly reduced its cost per vehicle due to strong sales and a wider product range than other electric vehicle competitors. Combined sales of pure electric and plug-in vehicles rose 250 percent to 1.2 million units in the first nine months, beating how Reuters reports a 110 percent increase in the EV segment. Tesla sold more than 318,000 electric cars in China in the first nine months of the year.

BYD is owned by Warren Buffett’s Berkshire Hathaway for 19 percent. BYD shares fell by double digits last week following the Chinese stock crash. On a weekly basis there is a minus of around 15 percent. The analyst consensus now implies a probability of 111 percent.

Author: Gina Moesing, wall on the street: online main editorial office

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