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, reports the South China Morning Post. The Shenzhen-based company backed by Warren Buffett’s Berkshire Hathaway made a profit of RMB 7.3 billion ($1.06 billion) in the three months to December, compared with RMB 602 million in the same period a year earlier. The previous profit record of RMB 5.7 billion was set in the third quarter.
The fourth quarter data was calculated by subtracting its full-year earnings of RMB 166.2 billion published on Tuesday from its nine-month results published in late October, according to its filings to the Hong Kong stock exchange.
The company “will accelerate development of more new-energy vehicles for passenger use,” BYD said in a filing on Tuesday. “We will extend our product line to vie for a bigger market share and consolidate our position in the industry.”
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