BYD Co., the Chinese electric-vehicle maker in which Warren Buffett’s Berkshire Hathaway holds a stake, said profit more than doubled last year thanks to a recovery in demand in the world’s biggest car market.
Shenzhen-based BYD’s net income surged 162% to 4.2 billion yuan ($644 million) in 2020, with operating revenue climbing to 153.5 billion yuan, according to its annual report. The company also estimated first-quarter profit will rise as much as 166%.
