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BYD Predicts 91% Jump in Profit on EV Demand
BYD Co. Ltd. says Chinese policies promoting electrified vehicles will boost the company’s profits about 90% to at least 3.6 billion yuan ($540 million) through the first nine months of 2016.
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BYD Co. Ltd. says Chinese policies promoting electrified vehicles will boost the company’s profits about 90% to at least 3.6 billion yuan ($540 million) through the first nine months of 2016.
The Shenzhen-based maker of electric vehicles and rechargeable batteries reports its profit in the first half of the year grew 384% to 2.3 billion yuan ($345 million).
Revenue from the company’s “new energy” vehicles jumped 161% to 15.2 billion yuan ($2.3 billion) in January-June to account for 35% of the company’s overall revenue. Sales of BYD’s green vehicles climbed 131% to 49,000 units.
Investor Warren Buffett’s Berkshire Hathaway Inc. currently holds an 8.3% stake in BYD, down from 9.1% after a share sale in July.
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