BYD projects sharp surge in 1st-quarter profit
BYD Co., the Chinese carmaker partially owned by Warren Buffett's Berkshire Hathaway Inc., issued a forecast on Sunday that first-quarter profit will surge on demand for electric vehicles.
The Shenzhen automaker said its first-quarter profit will probably rise as much as 12-fold from a year earlier on increased demand for EVs and handset batteries as well as sales of two new SUV models.
The company reported full-year net income slumped 19 percent from a year earlier, dragged down by its automobile and photovoltaic businesses.
BYD is benefiting from the Chinese government's push to promote less polluting modes of transportation through subsidies and exemptions from restrictions on vehicle registrations. Its Qin plug-in hybrid was the best selling new-energy vehicle model in China last year, according to the company.
The automaker will be able to deliver more electric cars this year with rising capacity to produce batteries, it said in its annual report.
The company reported full-year net income slumped 19 percent from a year earlier, dragged down by its automobile and photovoltaic businesses.
BYD is benefiting from the Chinese government's push to promote less polluting modes of transportation through subsidies and exemptions from restrictions on vehicle registrations. Its Qin plug-in hybrid was the best selling new-energy vehicle model in China last year, according to the company.
The automaker will be able to deliver more electric cars this year with rising capacity to produce batteries, it said in its annual report.
