BYD, Geely Profits Rise About 28% but Miss Estimates Amid EU-China Hybrid-Export Talks

BYD Company Limited and Geely Automobile Holdings Limited each raised third-quarter profit about 28% from a year earlier, while missing analyst benchmarks as the EU and China framed hybrid-export terms against different baselines.

BYD’s unaudited results showed net profit attributable to shareholders of RMB10.020 billion, up 28.08%, on revenue of RMB221.488 billion, up 13.59%. Three brokerage estimates put quarterly profit between RMB11.4 billion and RMB12.95 billion, above the reported result. For the first nine months, revenue was RMB566.304 billion, up 0.01%, while net profit fell 4.24% to RMB22.345 billion.

Geely reported profit attributable to owners of the parent of RMB4.837 billion, up 28%. An analyst consensus estimate was RMB5.19 billion. Revenue rose 10% to RMB98.964 billion, and vehicle sales increased 7% to 812,523. Geely’s non-HKFRS core profit reached RMB5.212 billion, up 32%. The company calculates that measure after removing the after-tax impact of net currency gains or losses and write-downs of non-financial assets.

EU Trade Commissioner Maroš Šefčovič said Oct. 9 that the understanding with China could cut hybrid and plug-in hybrid exports to the EU by more than 50% over four years compared with a projection assuming no change.

China’s Ministry of Commerce described the arrangement as allowing exports to rise from 2025 levels. The ministry put EU imports of Chinese hybrids at 107,000 vehicles in 2024 and 302,000 in 2025. It said China’s quota would be at least as large as that of any other import source, and that details remained under discussion.

The EU comparison uses a forecast baseline, while China’s account refers to actual 2025 imports, so the statements do not provide a directly comparable measure of the arrangement’s effect. The hybrid-export understanding is separate from the EU’s countervailing duties on battery-electric vehicles made in China, which took effect in 2024. TokenPost previously covered Chinese car brands’ position in Western Europe.