China’s two largest carmakers, BYD and Geely Auto, reported a jump in their third-quarter earnings, propelled by surging overseas sales as they intensified pressure on established international marques in Europe and Southeast Asia.
BYD, mainland China’s largest automotive group, posted a net profit of 10 billion yuan (US$1.5 billion) in the three months ending September, up 28 per cent from the same period a year earlier. Revenue grew 13.6 per cent to 211.5 billion yuan.
Geely said on Thursday that its net income between July and September climbed 28 per cent to 4.8 billion yuan, while revenue increased 10 per cent to 99 billion yuan.