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Reuters
BYD posts 350% jump in Q3 net profit on sales surge
SHANGHAI (Reuters) -China’s biggest electric vehicle (EV) maker BYD said its third-quarter net profit jumped 350% from a year ago, helped by a wider range of product offerings and strong sales that saw it beat Tesla in the world’s largest auto market. BYD’s net profit for the July-September quarter reached 5.72 billion yuan ($788.75 million), while that for the first nine months increased 281% to 9.31 billion yuan, the company said in a stock exchange filing on Friday. Having scrapped gasoline vehicles from its product mix this year, BYD has, more than any other automaker, been able to capitalise on a range of incentives for electric cars offered by China’s central and local governments.
