(Yicai Global) July 15 -- BYD’s mainland share price surged as much as 8.3 percent today after the Chinese new energy vehicle and battery giant said it is expecting first-half net profit to as much as triple from the same period last year as sales rocket, making it the best-selling EV maker on the planet.

BYD’s mainland-traded shares [SHA:002594] closed up 4.7 percent at CNY338.19 (USD50). Earlier in the day they had hit CNY349.89 each. While in Hong Kong, its stock [HKG:1211] closed up 3.9 percent at HKD294.20 (USD37.50). Earlier in the day it soared 6.7 percent to touch HKD302.

BYD could rake in between CNY2.8 billion (USD414.5 million) and CNY3.6 billion in net profit in the six months ended June 30, up 138.59 to 206.76 percent annually, the Shenzhen-based company said yesterday.

BYD has been able to counter a surge in the price of raw materials by hiking its own prices, and it is expecting to do even better once raw material prices start to come down, the firm told Yicai Global.

BYD ousted the US’ Tesla as the world’s top electric car maker this month, when its first half sales more than quadrupled year on year to 641,350 units. In June, both NEV sales and production more than tripled from a year earlier to 134,036 and 134,771 autos respectively, the company said on July 3.

The hiccup earlier this week when BYD’s stock price plunged 12 percent amid speculation that major backer Warren Buffett may sell his stake in the firm has been long forgotten.

Demand for consumer electronics has weakened, which affected BYD’s handset parts and assembly business, it said. But the company was able to remain profitable by cutting costs and making adjustments to its product portfolio.

Editor: Kim Taylor