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BYD Flags Bumper First-Quarter Profit as Sales Top 1 Million
BYD Co. topped Tesla in electric vehicle sales for the second quarter in a row.
Photographer: Jeoffrey Guillemard/BloombergThis article is for subscribers only.
Chinese auto giant BYD Co. flagged first-quarter profit may more than double after a bumper start to the year that saw vehicles sales top 1 million.
Net income in the three months ended March 31 will jump to between 8.5 billion yuan to 10 billion yuan ($1.2 billion to $1.4 billion), the company said in preliminary earnings Tuesday. That implies profit growth of between 86% and 119% from last year’s first-quarter profit of 4.6 billion yuan, according to Bloomberg calculations.