CHINA: BYD profit up on green car sales surge
BYD has reported a sharp rise to profit as sales of its eco-friendly cars have surged in China.
BYD said its net profit for the July-Sept period totalled 1.49 billion yuan, sharply higher from CNY28.2 million a year earlier. Its operating revenue during the period was up 23.5% to CNY16.9 billion.
The company's nine-month net profit was CNY1.96 billion, up 404% from a year earlier. Its nine-month operating revenue rose 20% to CNY48.49 billion.
BYD's sales of eco-cars, including plug-in hybrids and electric cars, soared 220% year on year in September to 6,013 vehicles, lifted by a popular new model and generous government subsidies.
The Tang SUV, BYD's third plug-in hybrid passenger vehicle, accounted for nearly half the total with 3,044 sold. The Qin plug-in hybrid also sold well, with 2,115 moved in September.