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Chinese automaker BYD's 2015 profit surges to six-year high on green cars

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[SHANGHAI] Chinese automaker BYD Co Ltd , backed by Warren Buffett's Berkshire Hathaway Inc, said on Monday its 2015 net profit rose more than six times over the previous year to a six-year high as green-energy car demand surged.

[SHANGHAI] Chinese automaker BYD Co Ltd , backed by Warren Buffett's Berkshire Hathaway Inc, said on Monday its 2015 net profit rose more than six times over the previous year to a six-year high as green-energy car demand surged.

The Shenzhen-based company reported 2.8 billion yuan (US$429.74 million) in profit, a 551 per cent rise and in line with its preliminary earnings report released last month.

The auto division of BYD, which is also a major producer of batteries for personal electronics, focuses on making electric and hybrid vehicles such as its best-selling Qin plug-in hybrid sedan.

Sales of so-called new energy vehicles more than quadrupled last year due to aggressive government policies including subsidies, tax incentives and more leeway in awarding license plates for green cars.

sentifi.com

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The government sees such vehicles as the domestic auto industry's best shot at closing a competitive gap with more experienced global rivals and as a method to curb pollution.

REUTERS

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