Chinese electric vehicle maker BYD Co Ltd, backed by US investor Warren Buffett, reported a 632% jump in its Q1 net profit, buoyed by strong demand for its new energy vehicles, said Reuters.
Profit surged to RMB 749.73 million ($111.4 million), up from just RMB 102.4 million a year ago, when its earnings fell sharply due to cuts of subsidies for electric vehicles.
The company sold 117,578 vehicles in the first three months of this year, up 5.2% from the same period a year earlier. BYD, whose popular models include its Tang-series electric cars, has said it aims to sell 650,000 vehicles in 2019.
Overall electric car sales in China jumped 61.7% in 2018 to 1.3 million vehicles, according to China’s top car industry body China’s Association of Automobile Manufacturers (CAAM). It sees electric vehicle sales hitting 1.6 million this year.