BYD Boosts Production and Profit

BEIJING (Reuters) – China's electric vehicle giant BYD (SZ:002594) ramped up production by nearly 200,000 units from August to October, while hiring close to 200,000 new employees in car manufacturing and components, Executive Vice President He Zhiqi said on Weibo (NASDAQ:WB) on Saturday.

BYD posted an 11.5% rise in third-quarter net profit as it maintained strong sales momentum.

Revenue for the July-September period surged 24% year-on-year to 201.1 billion yuan ($28.24 billion), marking the first significant quarterly revenue victory for BYD against Tesla (NASDAQ:TSLA) since the Chinese automaker ceased gasoline engine vehicle production in 2022.

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