Warren Buffett-Backed BYD Expects Strong Third-Quarter Profit Boost Amid Record EV Sales
Portfolio Pulse from Benzinga Neuro
Chinese automaker BYD Co. (OTC:BYDDF), backed by Warren Buffett, expects a minimum 67% rise in its Q3 profit due to record electric vehicle sales. The company predicts a net profit of between $1.31 billion and $1.5 billion, a significant increase from $783 million reported in Q3 last year. BYD's total vehicle sales nearly doubled in the January-September period, with 2.08 million vehicles sold. BYD Electronic, a subsidiary, also anticipates a more than two-fold increase in its nine-month profit.

October 18, 2023 | 3:54 am
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BYD Co. expects a significant increase in Q3 profit due to record electric vehicle sales. The company's total vehicle sales nearly doubled in the January-September period.
The news of BYD Co.'s expected increase in Q3 profit due to record electric vehicle sales is highly relevant and important for the company. This positive financial performance is likely to have a positive impact on the company's stock price in the short term.
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