Chinese electric carmaker BYD posts record quarterly profit

BEIJING: China’s top electric carmaker BYD announced a record quarterly profit Monday, underscoring the firm’s growing dominance in a high-tech sector that is fiercely contested by both domestic and foreign competitors.

The Shenzhen-based firm posted a profit of 10.4 billion yuan ($1.42 billion) for the July-September period, its highest-ever earnings during a single quarter and up 82 percent on-year, a statement to the Hong Kong Stock Exchange showed.