Buffett-backed EV maker BYD’s profit grew 111% in first-quarter

BEIJING (Reuters) – Chinese electric vehicle maker BYD Co Ltd, which is backed by U.S. investor Warren Buffett, on Wednesday reported growth of 110.7% in first-quarter net profit.

BYD reported 237.4 million yuan ($36.61 million) net profit in the first three months this year, up from 112.6 million yuan a year earlier. Its revenue grew 108% year-on-year to 41 billion yuan in the first quarter.

(Reporting by Yilei Sun and Tony Munroe, editing by Louise Heavens)