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31 October 2023

Daily Newsletter

31 October 2023

BYD posts quarterly profit of $1.4bn in Q3 2023

BYD hits new records for sales and profit

Dani Cole October 31 2023

Chinese automaker BYD posted “record” Q3 2023 earnings earlier this month, Reuters reports.

According to a market filing, net profit for Q3 totalled 10.41 billion yuan ($1.42 billion), an 82.2% increase from the previous year.

It saw a 38.5% increase in revenues to 162.2 billion yuan.

BYD’s third-quarter earnings result was within its forecast range of between 9.55 billion yuan and 11.55 billion yuan, Reuters added.

Analysis exclusively undertaken by GlobalData shows that BYD managed a 12% share of its home market in September, ahead of VW and Toyota. BYD deliveries for the first nine months hit 2,079,638 units - a remarkable year-on-year gain of 75.5 per cent.

More on BYD future models: BYD overtakes VW in China – what happens next?

High upfront costs could be detrimental towards the growth of the off-highway EV market

The global off-highway electric market is expected to grow at a CAGR of 17.4% by 2030, per GlobalData. Despite the strong growth, high upfront costs may pose a challenge. Due to the high capacity of these vehicles, they consume large amounts of power from a number of battery packs installed on the vehicle, whose high cost in turn adds to the cost of the vehicle, thereby increasing the initial cost. However, governments worldwide are offering subsidies and tax exemptions in order to help customers to counter the initial purchase cost.

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