Warren Buffett-backed BYD posts record quarterly profit as value-for-money EVs prove a hit with Chinese buyers
2 months ago
BYD , the worldโs 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 Buffettโs 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.
Read the full story
It's better on the Lumi News app
โ Itโs fast
โ Itโs easy to use
โ Itโs free
Why read with Lumi?
Staying informed is hard work. Use the Lumi News app to get the latest news from publishers you like, in a beautiful app. Save time and find delight in news-reading again.