TECH - BYD Leaps On Record Sales That Value The Chinese EV Maker At 66% Discount To Tesla | Benzinga
BYD Company Limited (OTC: BYDDF) (OTC: BYDDY) shares leaped 7%, their most in two months, Wednesday morning in Hong Kong after saying it would report record quarterly earnings this month.
BYD said that it would make between 9.5 billion RMB ($1.3 billion) and 11.6 billion RMB in net profits in the third quarter, representing an increase of 67% to 102% over the same period last year. China’s largest EV maker estimates that its earnings for Q3 will be 3.29 RMB to 3.97 RMB per share, which values the company at between 15x – 20x forward earnings.
For the first three quarters of 2023 BYD said that it expects earnings to be between 18.3 billion RMB and 20.2 billion RMB, or 7.06 RMB to ...