BYD's to Rack up CNY 3.6 Mn in Net Profit for the First Three Quarters of 2020
According to the company, the domestic situation for the third quarter of 2020 has continued to improve after backsets due to the COVID-19 pandemic.
The Xi'an based auto-maker issued an announcement on the revision of the performance forecast for the first three quarters of 2020 on October 12th. The report showed that BYD's net profit in the first three quarters rose from CNY 2.8-3 billion to CNY 3.4-3.6 billion, an increase of 77.86%-90.56%.
It also mentioned that the auto sector’s business growth is getting back on track, especially with the rapid sales growth of new energy vehicles.
Among them, BYD's new flagship model, 'Han,' has gotten very popular in the domestic high-end new energy vehicle market, with rising sales and orders. The model has acted as a catalyst for the company's new energy passenger vehicle business.
According to BYD's recent sales report, total car sales in September were 42,200, a year-on-year increase of 3.6%. Among them, the total sales of new energy vehicles were 19,900, a year-on-year increase of 45.3% and a month-on-month increase of 30.1%. The sales of traditional combustion engine vehicles were 22,300, a year-on-year decrease of 17.6% and a month-on-month increase of 3.7%. In September, the sales of Han reached 5,612, a 40.3% increase from the previous month, and the sales of the new Tang DM models exceeded 3,000, a 99% increase compared with last month.
Also, BYD's electronic mobile phone components and assembly business segment have played their parts in the rising profits. The company said that the share of significant customers has continued to increase. It has successfully made contracts with new global leading manufacturers of mobile phones and other smart products. The shipments of glass ceramics and new intelligent products have swelled, which has promoted the further expansion of business scale.