SHANGHAI (Reuters) – China’s biggest electric vehicle(EV) maker BYD said its third-quarter net profit jumped 350% from a year ago, helped by a wider range of product offerings and strong sales that saw it beat Tesla in the world’s largest auto market.
BYD’s net profit for the July-September quarter reached 5.72 billion yuan ($788.75 million), while that for the first nine months increased 281% to 9.31 billion yuan, the company said in a stock exchange filing on Friday.
The result was in line with a forecast the company published last week.
($1 = 7.2520 Chinese yuan renminbi)
(Reporting by Zhang Yan, Brenda Goh; Editing by Kirsten Donovan)
