Chinese carmaker BYD reported a third-quarter net profit of RMB 1.751 billion, up 1,362.66% year-on-year, the company reported on October 29.
In the first three quarters, BYD posted revenue of 105.023 billion yuan, up 11.94 percent year-on-year, and net profit of 3.414 billion yuan, up 116.83 percent year-on-year.
The company expects a full-year net profit of RMB 4.2-4.6 billion in 2020, up 160.15%-184.93% year-on-year.
In the fourth quarter, the auto industry is expected to continue to improve, with steady growth in sales of new energy vehicles, the company said.
The new flagship model "Han" and the revised flagship model "Tang" have accumulated a large number of orders on hand by virtue of their strong comprehensive strength, which is expected to continue to drive strong growth in the company's sales of new energy vehicles, the company said.