Warren Buffett-backed BYD posts record quarterly profit as value-for-money EVs prove a hit with Chinese buyers
- The Shenzhen-based carmaker’s profit rose 12-fold to 7.3 billion yuan (US$1.06 billion) in the three months to December, compared with 602 million yuan a year earlier
- Quarterly revenue surged 106 per cent to 156.4 billion yuan, buoyed by a 156.7 per cent jump in sales to 683,440 units
The Shenzhen-based company backed by Warren Buffett’s Berkshire Hathaway made a profit of 7.3 billion yuan (US$1.06 billion) in the three months to December, compared with 602 million yuan in the same period a year earlier. The previous profit record of 5.7 billion yuan was set in the third quarter.
The fourth quarter data was calculated by subtracting its full-year earnings of 166.2 billion yuan published on Tuesday from its nine-month results published in late October, according to its filings to the Hong Kong stock exchange.
The company “will accelerate development of more new-energy vehicles for passenger use”, BYD said in a filing on Tuesday. “We will extend our product line to vie for a bigger market share and consolidate our position in the industry.”
Revenue in the quarter jumped 106 per cent to 156.4 billion yuan, buoyed by a 156.7 per cent jump in deliveries, which hit 683,440 units.
The earnings per share of 3.74 yuan handsomely beat analysts’ median forecast of 2.09 yuan compiled by Bloomberg.