Autos & TransportationBuffett-backed EV maker BYD's profit more than doubles

Reuters
1 minute read

Chinese electric vehicle (EV) maker BYD Co Ltd (002594.SZ), , which is backed by U.S. investor Warren Buffett, on Wednesday reported growth of 110.7% in first-quarter net profit.

BYD reported 237.4 million yuan ($36.61 million) net profit in the first three months this year, up from 112.6 million yuan a year earlier. Its revenue grew 108% year-on-year to 41 billion yuan in the first quarter.

The Shenzhen-based car company, which has partnerships with Japan's top automaker Toyota (7203.T) and German Daimler (DAIGn.DE) in China, sold 104,145 vehicles between January and March in 2021, 70% up from a year earlier.

Its chairman said last week that it would launched a new EV product platform which will be open to other automakers.

($1 = 6.4841 Chinese yuan renminbi)

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