Manufacturing News

BYD's 2016 profit surges on strong EV sales

BYD Co.'s net profit topped 5 billion yuan ($727 million) in 2016 -- up 78 percent from a year earlier -- on strong demand for electric cars and buses. The Shenzhen automaker's revenue rose 30 percent to nearly 104 billion yuan last year.

BYD hasn't disclosed sales of EVs for the year. But the China Passenger Car Association reported that BYD delivered 100,183 EVs and plug-in hybrids last year, for a gain of 70 percent.

BYD has expanded into commercial EV markets outside China. The company assembles the K9 electric bus in California and Scotland, and it has agreed to build an EV assembly plant in Brazil.

Privately-held BYD is listed on the Hong Kong and Shanghai exchanges. U.S. billionaire Warren Buffett's Berkshire Hathaway Inc. holds a stake in BYD.

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