BYD Q3 Net Profit Rises 28% to 10 Billion Yuan

Chinese electric vehicle maker BYD posted a 28% rise in third-quarter net profit to about 10.02 billion yuan, but the result fell short of analyst forecasts as booming exports only partly made up for weaker sales at home, according to its quarterly filing with the Hong Kong stock exchange on Thursday, Electrek reported.

Profit growth cooled from a 30% increase in the second quarter, Reuters said. Three brokerages polled by the news agency had expected net profit of between 11.4 billion and 12.95 billion yuan.

Revenue for the July–September period rose 13.6% from a year earlier to 221.5 billion yuan, reversing a 3% fall in the second quarter and ending four straight quarters of year-on-year declines, Reuters reported. Earnings per share rose about 29% to 1.10 yuan, while profit excluding one-off items climbed 25.3% to 8.63 billion yuan, according to Electrek.

Exports offset weaker home sales

BYD exported 550,704 new energy vehicles in the third quarter, up 137% from 232,806 a year earlier, Drive Tesla Canada and Electrek reported, citing the company’s monthly sales data. Total quarterly sales rose 18.7% to 1,323,065 vehicles, but non-export sales, mostly in China, fell about 12% to roughly 772,000 units, Electrek calculated. Exports now account for 42% of BYD’s sales, the outlet said.

For the first nine months of the year, BYD’s revenue was almost flat at 566.3 billion yuan, while net profit fell 4.2% to 22.34 billion yuan. Cumulative vehicle sales through September totalled 3,131,576 units, down 3.94% from a year earlier, Drive Tesla Canada reported.

Inventory and cash under pressure

The filing showed inventories rising 60% since the end of 2025 to 221.58 billion yuan, while trade receivables grew 53% to 56.47 billion yuan, Electrek reported. BYD attributed both increases mainly to growth in its overseas auto business. Cash and trading securities fell 45% to 71.72 billion yuan over the same period.

Nine-month finance expenses reached 7.37 billion yuan, compared with a gain of 2.94 billion yuan a year earlier, which BYD blamed on exchange losses. Asset impairment losses rose 68% to 2.71 billion yuan, mostly inventory write-downs, while operating cash flow increased 33% to 54.47 billion yuan, according to Electrek.

What’s next

Neither report cited formal guidance from the company. Electrek pointed to new production capacity in Hungary, Thailand and Brazil, while Drive Tesla Canada said BYD continues to prepare for a launch in Canada, where Sealion 7 test vehicles have been seen in Ontario. The outlet added that no Canadian production agreement has been announced.

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