On Tuesday, shares of BYD Co (OTC:BYDDY) climbed as much as 7.25 per cent after the Warren Buffet-backed Chinese automaker announced its estimated 3Q numbers and said its Q3 profit might surge up to 365 per cent.

Results for BYD were better than expected. The earnings beat was attributable to strong EV volume growth and mix improvements. Reportedly, earnings grew about twice as fast as sales growth.

BYD estimated net profit for the quarter to come in between 5.5 billion yuan and 5.9 billion yuan (USD 765 million to USD 820 million) – an increase of 333 per cent to 365 per cent from the same period a year earlier.

The sales volume of new energy vehicles at the company reached record highs. Those sales drove a significant improvement in earnings and helped relieve the pressure on earnings brought on by the rising prices of upstream raw materials.

BYD sold 537,164 electric and hybrid cars in the latest three-month period, up 197 per cent from a year earlier. The total comfortably beat Tesla (NASDAQ:TSLA), though Tesla only sells pure EVs. The EV maker is also set to boost net income in the combined three quarters for the year to 9.5 billion yuan, up as much as 289 per cent.