Chinese automaker BYD reported a 28% year-on-year increase in net profit for the third quarter of 2023, reaching RMB 10 billion (USD 1.5 billion) from RMB 7.8 billion (USD 1.2 billion) in the same period last year, according to KrASIA. This growth was largely fueled by strong overseas sales despite subdued demand in the domestic market.
KrASIA also noted that BYD ended a four-quarter streak of profit declines in the second quarter of 2023, signaling a turnaround in the company’s financial performance. The latest earnings highlight BYD’s resilience amid challenging market conditions in China.
For Japanese investors, BYD’s overseas expansion underscores the growing importance of global markets for Chinese EV manufacturers, a trend that could influence regional competition in the automotive and battery sectors.