Chinese electric vehicle manufacturer BYD expects its net profit to more than quadruple in the third quarter of 2022 thanks to record high sales volumes, Kallanish reports.

The company, currently the world’s largest EV maker, said Tuesday its Q3 net profit is estimated around CNY 5.5-5.9 billion ($763.9-819.51 million). That’s an increase of 330.60-365.11% from the CNY 1.26 billion registered a year ago.

On a January-September comparison, net profit is anticipated at CNY 9.1-9.5 billion – a rise of 272.48-288.85% year-on-year.

“The group’s sales volume of new energy vehicles maintained strong growth and continued to reach record highs, and its market share continued to strengthen as it took the lead in the market,” BYD says in a security filing.

As previously disclosed, its Q3 NEV deliveries were up 194.37% y-o-y and 51.74% q-o-q to 538,704 units.

The substantial growth seen in sales significantly improved earnings and relieved pressure from rising prices of upstream raw materials, it added, noting the achievements come despite many headwinds. These included “a complex and severe economic situation, the spread of the pandemic, extreme high temperature weather, and high commodity prices.”

Following the statement, BYD shares at Hong Kong Stock Exchange rose over 6% to trade at HKD 205 ($26.12) on Tuesday.