Tesla’s main Chinese challenger BYD has shrugged off supply disruptions as well as foreign and domestic rivals to achieve year-on-year earnings growth of 350%, underscoring the rapid rise of one of China’s most formidable industrial conglomerates, reports the Financial Times.
The Warren Buffett-backed group’s third-quarter net profit of RMB 5.7 billion ($786 million) smashed its previous record of RMB 2.8 billion set in the second quarter of this year. The results come just as BYD mounts an aggressive campaign to take on European automakers on their home turf.
Revenue for the three-month period at the world’s largest electric vehicle maker reached RMB 117.1 billion, up 116% year on year, a Hong Kong stock exchange filing showed on Friday.