Chinese electric-vehicle maker BYD expects its third-quarter profit to climb as much as 365%, as the Warren Buffett-backed company aims to sidestep supply-chain snags and capitalize on strong demand, reports Bloomberg.
Net income will be between RMB 5.5 billion ($765 million) and RMB 5.9 billion, the Shenzhen-based company said Monday, which would be a record. BYD is benefiting from making its own batteries and semiconductors, helping it avoid disruptions that have hurt rivals, including Elon Musk’s Tesla.
Sales volume of new energy vehicles—including EVs and hybrids—also reached record highs, BYD said in a stock exchange filing detailing estimated results for the quarter ending September 30. That drove “significant improvement in earnings” and helped relieve “the pressure on earnings brought by the rising prices of upstream raw materials.”