BYD's profits rise 28% in the third quarter driven by record exports

BYD reported a 28% profit increase in Q3, driven by record exports, despite a decline in domestic sales. The company's net profit reached 10 billion yuan, while revenues grew 14% to 221.5 billion yuan. However, these figures fell short of analysts' expectations. In the first nine months, BYD sold 3.1 million vehicles, a 4% decrease from last year, but exports nearly doubled, surpassing 1.3 million units. Sales in Europe and the UK more than doubled, capturing a 2.7% market share. The company is expanding production outside China and reducing reliance on supplier financing, having repaid significant debt this year.