We recently reported increasing sales for local carmakers such as NIO, Xpeng, Li Auto, etc. for October. Warren Buffet-trusted BYD is the latest Chinese automaker to release positive data for the month.
BYD unveils Tang EV to Norway passenger car market. Image credit: BYD official LinkedIn page.
The firm reported a staggering 23,217 NEVs sold last month, compared with 12,567 in the same period the previous year, up 85% year-on-year. NEVs include hybrid, fuel-cell and electric vehicles. Total sales grew 16% to 47,732 vehicles in October. Although year to date, BYD sales are down 16%.
Besides, the total installed capacity of BYD's NEV power batteries and energy storage batteries in October was approximately 1.507GWh, a year-on-year increase of 151.6% with a total installed capacity of approximately 8.591GWh.
On October 29, the company released its third-quarter financial report, which showed CNY 44.52 billion revenue, up 40.72% year-on-year with a net profit of CNY 1.75 billion, a year-on-year increase of 1362.66%.
Shares of BYD climbed nearly 3% to 22.95 in Wednesday's stock market trading, pushing the firm's valuation to CNY 458.41 billion, surpassing the combined market value of the three A-share automakers SAIC, GAC and BAIC.
It is also worth mentioning that China International Capital Corporation recently raised BYD's target price of A-shares by 45% to CNY 138. This came after a positive monthly sales number of the company. In September, BYD's NEV sales were up by 45% year-on-year and the sales volume of the company's high-end model 'Han' continues to climb. CICC further said that there is a lot of room for the valuation to rise and that BYD will see continuous sales growth in the following months.