China's EV giant BYD sees Q3 profit more than quadrupling, shares jump

China's biggest electric car maker, said it expects third-quarter net profit to more than quadruple due to robust sales and a better product mix - a forecast that sent its shares surging.

It predicted net profit for the July-September quarter to come in between 5.5 billion yuan to 5.9 billion yuan ($765 million-$820 million), or an increase of 333% to 365.1% from the same period a year earlier.

BYD's Hong Kong shares gained 4% on Tuesday morning while its shares in Shenzhen climbed 5%.