shanghai — 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. the result was in line with a forecast the company published last week. having scrapped gasoline vehicles from its product mix this year, byd has, more than any other automaker, been able to capitalize on a range of incentives for electric cars offered by china's central and local governments. the company, which is 19% owned by warren buffett's berkshire hathaway, has also been able to significantly reduce costs per vehicle on the back of robust sales and a broader product range than other ev competitors. byd's combined sales of pure electric and hybrid plug-in vehicles increased 250% in the first nine months to 1.2 million units, outpacing a 110% rise for the overall ev segment. tesla
sold just over 318,000 electric vehicles in china during the first nine months of the year.