China’s BYD, Geely report profit jump as sales abroad surge, though local market stalls

China's two largest carmakers, BYD and Geely Auto, have seen a significant increase in their third-quarter earnings. This jump in profits is largely due to a surge in sales abroad, particularly in Europe and Southeast Asia, where they are gaining ground against established international brands. As a result, BYD's net profit rose 28% to 10 billion yuan, while its revenue grew 13.6% to 211.5 billion yuan. This trend is significant for the global automotive market, as it indicates that Chinese carmakers are expanding their international presence and challenging established players.

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Chinese carmakers are seeing a surge in overseas sales, which is driving their profits up. This could lead to increased investor confidence in the sector.

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