BYD sold 47,732 vehicles in October, up 16 percent from 41,130 in the same period last year, the company's filing on the Hong Kong stock exchange showed today.

BYD sold 23,217 new energy vehicles in October, up about 85 percent from 12,567 in the same period last year.

The company's cumulative car sales for January-October were 316,700 units, down 15.98 percent from a year earlier.

BYD's recently released financial report showed that its revenue for the third quarter was RMB44.52 billion, up 40.7% year-on-year and up 9.1% from the previous quarter.

The company's net profit attributable to the parent company for the third quarter was RMB1.75 billion, up 1,363 percent year-on-year and 13.0 percent from the previous quarter.

China's top investment bank CICC has raised its 2020/2021 net profit forecast on BYD by 11%/3% to RMB 4.5/5.4 billion due to profit boost from higher sales of BYD's premium car model Han.

In a report released on Monday, CICC said BYD will remain one of the most important players in the new energy vehicle sector, with positive long-term logic.

CICC said in a separate report released Wednesday that the valuation of the A-share new energy vehicle sector has hit a new high, with BYD and NIO having become China's first and second largest car companies by market capitalization. Valuations have stretched as the new Chinese car maker has significantly surpassed or approached Tesla's price/sales ratio in 2021.

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