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Cars

BYD Q1 net income more than triples on car demand

(Agencies)
Updated: 2010-04-28 11:46
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BYD Co, the Chinese carmaker backed by Warren Buffett, said first-quarter profit more than tripled on higher demand for vehicles in the world's biggest automobile market.

Net income rose to 1.7 billion yuan ($249 million), or 0.75 yuan a share, from 480 million yuan, or 0.23 yuan, a year earlier, the company said in a statement to the Hong Kong stock exchange. Sales climbed 70 percent to 12.7 billion yuan.

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BYD, the fastest growing Chinese automaker, boosted deliveries in the first quarter as government incentives supported demand for new cars. BYD's F3 compact, which qualifies for a tax break on vehicles with engine capacities of 1.6 liters or smaller, was the best-selling model in the country during the period.

BYD's 2009 profit almost quadrupled to 3.79 billion yuan after its unit sales surged 162 percent to 448,3978 units, the Shenzhen-based company said in March.
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