BYD (HKG:1211, SHE:002594) reported a 13.6% rise in overall production volume and an 11% increase in sales in October, driven by strong demand for battery electric vehicles (BEVs) and international exports, according to data from the company released on Monday.
The electric automaker produced 488,104 vehicles during the month, up from 429,808 in the same period last year. That included 304,424 BEVs, which rose nearly 39% year over year.
The Shenzhen-headquartered manufacturer sold 490,168 vehicles during October, up from 441,706 units a year earlier, with BEV sales jumping over 37% to 305,743 units.
BYD exported 170,194 vehicles during the month, accounting for approximately 35% of total production as it expands international market share to offset domestic market price competition.
October marked BYD's sixth consecutive month of sales growth and its strongest monthly performance of the year.
The company is accelerating overseas expansion, seeking regulatory approval to double production capacity in Brazil-its top foreign market-and expanding its European lineup following the regional launch of its Shark pickup truck.
For the recently reported third quarter, net profit rose 28% to 10 billion yuan on revenue of 221.5 billion yuan, up about 14%. Analysts at Jefferies noted that domestic price competition absorbed some scaling benefits, maintaining a "Hold" rating on the stock.
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