EV maker BYD’s profit surges over 400 percent in Q1BloombergBYD Co (比亞迪) reported another stellar quarter of earnings on the back of booming electric vehicle (EV) sales that propelled it past Volkswagen AG to become China’s top-selling vehicle brand. Operating revenue rose 80 percent to 120.2 billion yuan, while gross margin was 17.9 percent, up about 5.5 percentage points. Volkswagen sold 427,247 vehicles under its brand in the country in the first quarter, with EVs accounting for only 6 percent. BYD, whose biggest investor is Warren Buffett’s Berkshire Hathaway Inc, aims to deliver 3 million to 3.7 million EVs this year, Bloomberg Intelligence estimates. The company sold 1.86 million EVs last year, more than the previous four years combined.

Source: Taipei Times April 28, 2023 22:47 UTC