BEIJING, October 28  (TMTPOST)— BYD Co., the Chinese electric vehicle (EV) company backed by Warren Buffett ’s Berkshire Hathaway, set more records in the past quarter, when it kept refreshing monthly sales record.

Source: Visual China

In the quarter ended September, BYD broke its record in both the top line and bottom line. The automaker generated revenue of RMB117.08 billion (US$16.1 billion), increasing 115.59% from a year ago, according to a filing with the Hong Kong stock exchange on Friday.

The revenue in the first nine months of the year reached RMB267.69 billion, up 84.37% YoY, while the net income in the same period jumped 281.13% YoY to RMB9.31 billion. Both the quarterly profit and the profit in three quarters are in line with the forecast range BYD released last week.

Unlike many Chinese EV peers who struggled with profitability, BYD managed to improve profit with a huge jump. As one of key bright spots, BYD raked net income of RMB5.716 billion in the third quarter, beating the market estimates with a 350% year-over-year (YoY) increase. The result suggested its profit in a quarterly alone is well over that of RMB3.6 billion in the first half of the year and nearly 90% more than RMB3.045 billion of annual profit last year. Driven by the profit improvement, BYD’s gross margin of 18.96% hit the highest in nearly two years, up 4.57 points from the previous quarter.   

In the beginning of this month, BYD announced sales in September topped 200,000 vehicles, breaking its monthly sales record for the seventh consecutive month. The EV giant maintained triple-digit monthly sales growth since entering into 2022, even it has ceased the production of cars powered only by internal combustion engines since March, completely shifting to production of new energy vehicles (NEVs) including battery electric vehicles and plug-in hybrid electric vehicles.

In the first three quarters of the year, BYD became the world's first EV maker with sales of more than 1 million units, overtaking the former champion Tesla.Tesla, amid headwinds including supply chain challenges and the Covid-19 lockdowns, sold 909,000 units in these quarters. On a conference call last week, Tesla expected it could miss its delivery target this year as the fourth quarter deliveries may grow by less than 50% due to ongoing logistic challenges, which was blamed for its less-than-expected delivery in third quarter.