An Electric Vehicle Boom May Nearly Quadruple BYD's Nine-month Profits

One of the biggest Electric Vehicle manufacturers in the world, BYD, which has its headquarters in China, reported that its net profit may have more than doubled in the first nine months of 2022 compared to the same period in the previous year due to rapidly increasing sales. According to an estimate from BYD, net profit might increase to 9.5 billion yuan ($1.3 billion), up from 2.44 billion yuan in the first nine months of 2021. One of the biggest Electric Vehicle manufacturers in the world, BYD, which has its headquarters in China, reported that its net profit may have more than doubled in the first nine months of 2022 compared to the same period in the previous year due to rapidly increasing sales. "The new energy vehicle industry continues to accelerate its growth trajectory in the third quarter of 2022, despite the complex and dire economic condition, the spread of the pandemic, extremely hot weather, high commodity prices, and other unfavorable aspects," BYD noted in today's announcement. "New energy vehicle sales volume sustained excellent increase." Despite not having the same global brand recognition as Tesla, BYD has increased its international presence this year with initiatives in Japan, Thailand, and India; this month, it is launching three electric cars at the Paris Auto Show this week. In China, the country with the biggest auto market in the world, BYD already leads the Electric Vehicle industry. Compared to its EV competitors, BYD's entire business is more diversified because it also produces photovoltaics, semiconductors, and handset components.  The chairman of BYD, Wang Chuanfu, has a net worth of $19.3 billion as of today, according to the Forbes Real-Time Billionaires List. Both BYD director Xia Zuoquan and BYD vice chairman Lu Xiangyang, Wang's cousin and the head of investment firm Youngy Investment Holding, are worth $15.5 billion and $3.5 billion, respectively.