BEIJING, October 20 (TMTPost)— Chinese leading electric vehicle (EV) maker BYD Co. Ltd is set to maintain its record-setting trend this year.

Credit：Visual China

BYD expected a net income range of RMB9.546 billion to RMB11.546 billion in the quarter ended September 30, more than doubling from a year ago, according to a filling earlier this week. The company also estimated net income in the first three quarters of this year to reach between RMB20.5 billion and RMB22.5 billion, with a year-over-year (YoY) increase between 120.16% and 141.64%.

The latest estimates suggested BYD could for the first time rake in more than RMB10 billion in a quarter, and it is well on the track to shatter a quarterly record. The net income in the third quarter is expected to be at least 30.6% more than the previous record set in the last quarter of 2022, when BYD posted profit of RMB7.311 billion.

BYD’s net income has slightly weakened in the third quarter compared with the previous quarters this year. The interim financial report showed the automaker recorded RMB10.954 billion of net income in the first half of the year, with a YoY growth of 204.68%. While BYD’s profit seems slow down, the net income in the third quarter alone could outweigh the first two quarters of the year.   

BYD’s profit buildup resulted from its robust sales. At the beginning of this month,  the EV giant released it sold 287,454 new energy vehicles (NEVs) including battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs) in September, refreshing its sales record for the fifth straight month and first topping 280,000 units of sales in a month. Recent sales represent a 42.8% year-over-year (YoY) increase and around 4.8% more than the previous record BYD made in August.

The latest monthly record brought BYD’s total sales from January to September to 2,079,638 NEVs, surging 76.23% from a year earlier. The EV maker shattered another quarterly record as it sold 824,001 NEVs in the quarter ended September. In terms of full electric vehicle, or BEV, BYD record sales of 431,603 units in the third quarter of the year, rising 23% from the previous quarter, while Tesla that quarter delivered 435,059 vehicles, missing the Wall Street estimated 456,722. The quarterly gap between Tesla and BYD reached 3,456 vehicles, the narrowest ever on the record.

BYD sold 2.0796 million vehicles in the first three quarters of the year, up 76% YoY. The company commented the third quarter saw NEV industry remained good momentum and its sales kept refreshing sales record, consolidating its No.1 place in the global NEV market. Amid ongoing intensified competition in the third quarter, BYD delivered powerful resilience by continuing improvement in the brand power, increase in the advantage of scale and the strength of cost control in the industrial chain, according to the recent filling about preliminary estimates as of the third quarter.     

BYD’s record-making sales were driven by its robust growth overseas. The Shenzhen-based company exported 28,039 NEVs in September, with a 262.4% YoY growth and a 12% month-over-month (MoM) growth. Its monthly export has maintained more than 10,000 units since last November, and the past month set another record after its sales overseas just hit 25,000 vehicles in August. The sales beyond China stood at 73,400 units in the first half of the year, more than doubling last year that had 55,900 units of annual overseas sales.