Chinese automaker BYD Co. (OTC:BYDDF) is predicting a minimum 67% rise in its third-quarter profit, propelled by unprecedented electric vehicle sales. The firm, backed by billionaire investor Warren Buffett, is estimating a net profit amounting to between 9.55 billion yuan ($1.31 billion) and 11.55 billion yuan ($1.5 billion), a significant increase from 5.72 billion yuan ($783 million) reported in the third quarter of last year.
As the Wall Street Journal reported, the company revealed these projections in a recent stock exchange filing. For the first nine months of 2023, BYD Co. envisions its profit more than doubling, soaring from 9.31 billion yuan ($1.27 billion) in 2020 to between 20.50 billion yuan ($2.8 billion) and 22.50 yuan billion ($3.08 billion) this year.
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