BYD's third-quarter profit growth slows, falling short of forecasts

BEIJING, Oct 29 - Chinese electric vehicle manufacturer BYD disclosed a profit growth that was less than anticipated in their third quarter, despite a surge in overseas sales compensating for a lackluster performance in their domestic market. The company's net profit for the third quarter increased to 10 billion yuan ($1.5 billion), a decline from a 30% increase in the previous quarter, which fell short of the estimates from three brokerage firms, as reported by Reuters.

These estimates ranged from 11.4 billion yuan to 12.95 billion yuan, according to the source. Revenue for BYD rose by 13.6% year-over-year, reaching 221.5 billion yuan, marking a turnaround from the 3% drop experienced in the second quarter. This resurgence ended a series of four consecutive quarters of declining revenue.