Shanghai (ZXZC)- According to its financial report, BYD achieved a revenue of RMB 28.895 billion in the third quarter ended Sept. 30, with a year-on-year growth of 3.76 percent. In the July-to-September period, the profit attributable to the shareholders of the listed company was RMB 1.069 billion, declining 23.92 percent compared with the same period of last year.

By the end of September, the automaker’s cumulative operation revenue of the first third quarters reached RMB 73.933 billion, up 1.56 percent year on year. The profit attributable to its shareholders was RMB 2.791 billion, with a year-on-year decrease of 23.82 percent.

In general, the past three quarters saw the growth of its operation revenue, but the growth rate was slightly lower than the market’s expectation. It is reported that due to the phasing out of the subsidies for new energy vehicles, BYD’s gross profit in NEV showed shrinkage.

In spite of the profit decrease, BYD feels optimistic about the whole year’s operation results. According to the automaker’s expectation, the annual profit attributable to the shareholders should be a positive value. The announcement said that the automaker expects the profit attributable to the shareholders will see a decline between 20.03 percent and 15.09 percent and that the profit should be between RMB 4.04 billion and 4.29 billion.

BYD thinks that the sales of new energy vehicles will achieve a faster year-on-year growth while the sales of traditional fuel-powered vehicles will recover with the contribution of Song Max’s strong sales.

BYD has a wide range of products, covering car, SUV and MPV and boasting such models as Qin, Tang, E5 and E6. But the market competition gets more and more fierce. Confronted with the challenges in plug-in vehicle segment from SAIC, BYD also have more and more competitors in pure electric vehicle segment.