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Buffett-backed Chinese EV maker BYD profit up 162per cent in 2020

Chinese electric vehicle maker BYD Co Ltd,, which is รีวิวเกมslotxo backed by billionaire Warren Buffett, on Monday reported a 162per cent growth in 2020 net profit as it became a major mask maker amid the COVID-19 pandemic.

BYD reported 4.23 billion yuan (US$643.75 million) net profit in 2020, up from 1.61 billion yuan in 2019. That compared with a 4.6 billion yuan net profit estimated by 22 analysts, according to Refinitiv data.

The Shenzhen-based car company, which has partnerships with Japan's top automaker Toyota and German Daimler in China, sold 426,972 vehicles in 2020, 7.5per cent lower from a year earlier.

Overall auto sales in China fell 1.9per cent to 25.3 million vehicles in 2020, according to industry data.

BYD, which rolled out a customised EV model for ride-hailing services with China's Didi Chuxing last year, said 2020 revenue dropped 22.6per cent to 156.6 billion yuan.

Analysts expected revenue of 148.76 billion yuan.

BYD also said it expects net profit in the first three months this year to grow 77.6per cent to 116.3per cent compared to same period last year.

It also plans to issue debt financing instruments worth up to 50 billion yuan.