Chinese EV giant BYD flags huge jump in quarterly profit, shares surge

BYD Co, China’s biggest electric car maker, said third-quarter net profit likely more than quadrupled due to robust sales and a better product mix, sending its shares surging.

It estimated that net profit for the July-September quarter came in between 5.5 billion yuan to 5.9 billion yuan ($765 million-$820 million), or an increase of 333% to 365.1% from the same period a year earlier.

BYD’s Hong Kong shares gained 4% while its shares in Shenzhen climbed 5%.