BYD Co, China’s biggest electric car maker, said third-quarter net profit likely more than quadrupled due to robust sales and a better product mix, sending its shares surging.
It estimated that net profit for the July-September quarter came in between 5.5 billion yuan to 5.9 billion yuan ($765 million-$820 million), or an increase of 333% to 365.1% from the same period a year earlier.
BYD’s Hong Kong shares gained 4% while its shares in Shenzhen climbed 5%.
Government incentives have helped sales of electric vehicles surge in the world’s biggest auto market.
BYD’s combined sales of pure electric and hybrid plug-in vehicles increased 250% in the first nine months, easily outpacing a 110% rise for the overall EV segment.