Warren Buffett and his Berkshire Hathaway investment company have earned an approximately US$1 billion paper profit from their investment in BYD since the deal was closed last September, Bloomberg reported. The company’s share price has risen more than five times since the contract was signed. The investment may also help the company become the seventh-largest Chinese carmaker and help raise its profile overseas, BYD’s chief executive said. The Shenzhen-based company aims to more than double its vehicle sales this year to 400,000 units. First-half sales more than doubled to 176,814 units, assisted by demand for the F3 DM, BYD’s plug-in hybrid model, which is now China’s fourth-best-selling passenger automobile, according to the China Association of Automobile Manufacturers.
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