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