China Auto Daily丨BYD Reports Robust Q3 Profit; Eyes Europe Expansion

China Passenger Vehicle Market Sees 9% Growth from October 1-27

On October 30, the China Passenger Car Association released data indicating that retail sales in the passenger vehicle market reached 1.812 million units from October 1-27, marking a 9% year-on-year increase and a 2% rise compared to the same period last month. Specifically, sales of new energy vehicles (NEVs) during this period hit 946,000 units, reflecting a substantial 49% year-on-year growth, although this was a 1% decrease compared to last month.

BYD Reports Strong Q3 Financial Results Amid Expansion Efforts

BYD revealed its third-quarter financial performance on October 30, showcasing robust growth. The company’s revenue for Q3 was ¥201.125 billion, up by 24.04% year-on-year, while the net profit attributable to shareholders reached ¥11.607 billion, an 11.47% increase compared to the same period last year. For the first three quarters, BYD's revenue totaled ¥502.251 billion, demonstrating an 18.94% year-on-year rise, with net profit at ¥25.238 billion, up by 18.12%.

Li Auto's Steady Growth in Third-Quarter Revenue and Deliveries

Li Auto also reported significant growth in the third quarter of 2024. The company’s total revenue amounted to ¥42.9 billion, representing a 23.6% increase year-on-year. Li Auto’s net profit for the same period was ¥2.8 billion, a slight increase of 0.3% year-on-year. Additionally, the company delivered 152,831 vehicles in Q3, a remarkable 45.4% growth compared to the same period last year. Notably, the diluted net earnings per American Depository Share attributable to common stockholders were ¥2.66, marginally less than the ¥2.67 recorded in the previous year.

BYD's Strategic Move in Europe with Key Executive Appointment

On October 30, sources revealed that BYD is poised to hire Maria Grazia Davino, the former UK lead for European automobile manufacturer Stellantis NV. Davino is expected to take over BYD’s operations in several European countries once her garden leave concludes in December. This strategic recruitment is part of BYD’s broader plan to assemble a high-caliber executive team in Europe to spearhead its regional business expansion.

BAIC Group's New Venture in Egypt With Alkan Auto

In another significant development, BAIC Group announced on October 31 that it had signed a memorandum of understanding (MoU) with Alkan Auto, a subsidiary of Egyptian International Motors, to establish an electric vehicle assembly plant in Egypt. This venture aims to leverage BAIC’s technological support, with the factory expected to commence operations by the end of 2025. The initial production target is set at 20,000 vehicles for the first year, with plans to ramp up annual production to 50,000 vehicles by the fifth year. The plant will not only cater to local market needs but also position itself as a crucial hub for exports to the Middle East and Africa.