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BYD First-Quarter Income Jumps on Demand for Electric Vehicles

  • EV cars, battery maker sees first quarter net income jump 241%
  • Record EV sales helps offset more expensive raw material costs
A BYD Co. Qin electric vehicle on sale at the company's showroom in Beijing, China.

A BYD Co. Qin electric vehicle on sale at the company's showroom in Beijing, China.

Photographer: Qilai Shen/Bloomberg
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BYD Co., the Chinese electric vehicle and battery maker backed by Warren Buffett, said first-quarter profit surged, buoyed by demand for battery-powered cars as it weathered supply chain kinks from an ongoing semiconductor chip shortage to more expensive raw materials.

Net income rose 241% to 808.4 million yuan ($123 million) in the three months ended March 31 from a year earlier, the Shenzhen-based company said in a statement Wednesday. That was at the higher end of the 650 million to 950 million yuan preliminary profit announced last week. Sales increased 63% to 66.8 billion yuan.