China’s BYD sees profit soar

Warren Buffett sure knows how to pick em’. Most folks have never heard of China’s BYD auto company and by the time they do Buffett might have pocketed another cool billion or two. BYD is selling cars like crazy in China and be sure you will see them state side in the near future!

From the Detroit News:

Shanghai — BYD, the Chinese automaker with backing from billionaire Warren Buffett, says its net profit more than tripled last year as the company’s F3 sedan topped the country’s list of best-selling autos.

BYD is among several Chinese automakers whose fortunes have risen as sales took off last year, largely thanks to government tax cuts and subsidies aimed at boosting demand, especially for energy-efficient small vehicles.

BYD’s net profit soared to 3.79 billion yuan ($555.5 million) in 2009, the automaker reported late Sunday, up from 1.02 billion yuan the year before.

Read the full article here.

Photo from fOTOGLIF


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