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Chinese electric vehicle maker BYD’s third-quarter profit drops 27.5% - Financial Markets Worldwide

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ReutersEconomy47 minutes ago (Oct 28, 2021 07:46AM ET)

© Reuters. FILE PHOTO: A man cycles past an entrance to the headquarters of Chinese electric car maker BYD in Shenzhen’s Pingshan district, Guangdong province, China October 25, 2019. REUTERS/Yilei Sun

BEIJING (Reuters) -Chinese electric vehicle (EV) maker BYD Co (OTC:) Ltd, which is backed by billionaire Warren Buffett, on Thursday reported a 27.5% drop in third-quarter net profit.

BYD made a 1.27 billion yuan ($198.54 million) net profit in the three months to Sept. 30, down from 1.75 billion yuan in the same period last year.

BYD, which has partnerships with Japan’s top automaker Toyota and Germany’s Daimler (OTC:) in China, said operating income grew 22% to 54.31 billion yuan.

The Shenzhen-based car company, which rolled out a customised EV model for ride-hailing services with China’s Didi last year, sold 452,744 vehicles in the first nine months this year, 63% higher from a year earlier, thanks to popular plug-in hybrid vehicles.

($1 = 6.3968 renminbi)

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