Byd drives record quarterly profit on robust electric car sales

Net profit for the third quarter reached €1.34bn, an 82% increase from a year earlier, company said

Interior of the Byd Atto 3: Analysts believe Byd can maintain its profitability into next year thanks to more sales of high-end vehicles as well as continued overseas expansion.

China's Byd posted record third-quarter earnings, its highest ever for any quarter, as the electric vehicle giant preserved its domestic market leadership despite softer demand and increased competition.

Net profit for the third quarter reached 10.41 billion yuan (€1.34bn), an 82% increase from a year earlier, on a 38.5% rise in revenue to 162.15 billion yuan, Byd said in a stock market filing. It flagged earlier this month that third-quarter net profit could as much as double.