China's electric vehicle giant BYD (1211) 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 on Saturday.
BYD posted an 11 percent rise in third-quarter net profit as it maintained strong sales momentum.
Net profit rose to 11.6 billion yuan (HK$12.2 billion), in the July-September quarter with revenue surging 24 percent year-on-year to 201.1 billion yuan, the first prominent win for BYD in quarterly revenues against Tesla since the automaker stopped producing gasoline engine vehicles in 2022.
Meanwhile, Nio (9866) is to launch its third brand next month, priced between 100,000 yuan and 200,000 yuan, with deliveries expected in the first half of 2025. The brand will use Nio's pure electric technology, supporting battery charging, swapping and upgrades.
In other news, the UK does not intend to follow the European Union in imposing a five-year anti-subsidy tax on EV imports from China.
Separately, China is urging the Czech government to play an active role in helping resolve its trade dispute with the EU over electric vehicles, according to a statement posted on the Ministry of Commerce's website yesterday.
Reuters and staff reporter
BYD’s net profit rose by 11 percent in the third quarter. AFP
