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

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

BYD , the worldโ€™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 Buffettโ€™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.

Read the full story

It's better on the Lumi News app

โœ… Itโ€™s fast

โœ… Itโ€™s easy to use

โœ… Itโ€™s free

Start using Lumi
You might like โฌ‡๏ธ
Beleaguered Bahvest sees share price plummet
FMT News

FMT News

Beleaguered Bahvest sees share price plummet

14 minutes ago

PNB names Raja Arshad as new chairman
New Straits Times

New Straits Times

PNB names Raja Arshad as new chairman

19 minutes ago

Nvidia to build Israeli supercomputer as AI demand soars
CNA

CNA

Nvidia to build Israeli supercomputer as AI demand soars

22 minutes ago

news-stack-on-news-image

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.

Trending right now

Loading...