Electric car maker predicts surge in profits

Chinese automaker BYD (1211.HKG) said its profits in the first half of the year may reach US$65 million to US$81 million, increasing from just US$2.6 million a year earlier as losses from its solar unit narrow, Bloomberg reported. The maker of electric cars, partially owned by Warren Buffet’s Berkshire Hathaway (BRK.A.NYSE), also predicted an increase in sales in a filing submitted Thursday to the Shenzhen Stock Exchange. BYD’s first quarter profits rose 316% and sales increased 9.8% totaling RMB12.9 billion (US$2 billion), the filing said.  The Shenzhen-based company said orders for its handset and assembly business are strong, while high demand for rechargeable batteries and rising prices for photovoltaic products are helping to narrow its solar unit losses.