China's EV giant BYD sees Q3 profit more than quadrupling, shares jump
FILE PHOTO: A man cycles past an entrance to the headquarters of Chinese electric car maker BYD in Shenzhen's Pingshan district, Guangdong province, China October 25, 2019. REUTERS/Yilei Sun
(Reuters) - BYD Co, China's biggest electric car maker, said it expects third-quarter net profit to more than quadruple due to robust sales and a better product mix - a forecast that sent its shares surging.
It predicted net profit for the July-September quarter to come in between 5.5 billion yuan to 5.9 billion yuan ($765 million-$820 million), or an increase of 333 per cent to 365.1 per cent from the same period a year earlier.
BYD's Hong Kong shares gained 4 per cent on Tuesday morning while its shares in Shenzhen climbed 5 per cent.
($1 = 7.1993 Chinese yuan)
