BYD Co , China's biggest electric car maker, said third-quarter net profit likely more than quadrupled as it extends its sales lead over Tesla Inc in the world's largest auto market. Shares in BYD jumped.
BYD said its huge jump in vehicle sales had relieved the pressure brought on by increases in raw materials costs, though it did raise prices on some models by as much as 6,000 yuan.
BYD's strategy of producing batteries and some microchips internally has also helped it to better weather supply-chain bottlenecks and inflation-driven cost increases, analysts at Fitch Ratings have noted. The China Association of Automobile Manufacturers has estimated that EV sales in China will increase by about 56% this year to 5.5 million units - a market far greater than most countries' entire auto sales.
EVs are also expected to account for 20% of overall China vehicle sales this year, up from 13.6% in 2021, the industry association said. Some subsidies for electric vehicles are set to expire this year although the government has extended an exemption of the purchase tax for EVs to the end of 2023.Reporting by Zhang Yan and Brenda Goh; Editing by Edwina Gibbs
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