Warren Buffett-backed BYD posts record quarterly profit as value-for-money EVs prove a hit with Chinese buyers

BYD , the world’s largest electric vehicle (EV) maker, posted record quarterly profit as mainland Chinese buyers lapped up its affordable models, lifting earnings 12 times.

The Shenzhen-based company backed by Warren Buffett’s Berkshire Hathaway made a profit of 7.3 billion yuan (US$1.06 billion) in the three months to December, compared with 602 million yuan in the same period a year earlier.

The previous profit record of 5.7 billion yuan was set in the third quarter.

The fourth quarter data was calculated by subtracting its full-year earnings of 166.2 billion yuan published on Tuesday from its nine-month results published in late October, according to its filings to the Hong Kong stock exchange.