Shares of Warren Buffett-backed BYD Co. (OTC: BYDDY) (OTC: BYDDF) surged over 5% in China after the company reportedly said its third-quarter net profit has likely more than quadrupled led by robust sales and a better product mix. The company’s Hong Kong shares were trading over 6% higher.
What Happened: BYD competes with players such as Tesla Inc. (NASDAQ: NASDAQ:TSLA) and Nio Inc. (NYSE: NIO), especially as it increases focus on . Its estimated net profit for the July-September quarter came in between 5.5 billion yuan and 5.9 billion yuan ($765 million-$820 million), a rise of 333% to 365.1% compared to the same period a year earlier, reported Reuters.
It said in a filing late on Monday that improved cost controls had also contributed to the rise in earnings, the report said.
BYD's combined sales of pure electric and hybrid plug-in vehicles rose 250% in the first nine months, outpacing a 110% rise for the overall EV segment, the report indicated.
The company launched three new pure-electric passenger vehicles in Europe at the Paris Motor Show that includes BYD ATTO 3, a C-segment SUV, BYD TANG, a 7-seater with variable all-wheel drive, and sedan BYD HAN.
Price Action: BYD shares have gained over 8% in Hong Kong in last five days. The stock has lost over 22% since the beginning of the year.
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