BYD’s Q3 Net Profits Fall 27.5%

BYD released its third quarter report of 2021 on Thursday. According to the financial report, BYD’s operating revenue reached 54.306 billion yuan ($8.498 billion) in the third quarter, a year-on-year increase of 21.98%. Its net profits were 1.269 billion yuan, down 27.5% year-on-year.

During the first three quarters of the year, BYD achieved an operating revenue of 145.19 billion yuan, up 38.25% year-on-year. Its net profit was 2.44 billion yuan, down 28.43% year-on-year. The company said that its year-to-date revenue increase was mainly due to the growth of its automotive and mobile phone businesses.

The company sold 80,114 vehicles in September, a year-on-year increase of 90%. Among them, there were 71,099 new energy vehicles – including 70,022 passenger cars and 1,077 commercial vehicles – accounting for 89% of total vehicle sales.

Among new energy passenger vehicles, BYD sold 36,306 battery electric vehicles in September, an increase of 197% from 12,212 units in the same period last year. Its plug-in HEV sold 33,716 units in September, up 428% from 6,391 a year earlier.

In terms of shareholders, as of September 30, 2021, BYD had a total of 260,200 ordinary shareholders. Among them, HKSCC Nominees Limited holds 820 million shares, accounting for 28.74%, making it the largest shareholder. BYD’s Founder Wang Chuanfu, who is the second largest shareholder, holds 513 million shares, accounting for 17.95%. Berkshire Hathaway Energy holds 225 million shares, accounting for 7.86%.

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Xia Zuoquan, one of the founders of BYD, reduced his position to 84.929 million shares from 94.5774 million shares in the mid-year report, a reduction of nearly 10 million shares. Northbound funds increased its holdings from 47.5749 million shares reported in the mid-year to 61.505 million shares, an increase of nearly 14 million shares.