BYD Q1 profit more than doubles

BEIJING — BYD Co. on Wednesday reported growth of 111 percent in first-quarter net profit.

BYD reported net profit of 237.4 million yuan ($36.6 million) in the first three months, up from 112.6 million yuan a year earlier, when the coronavirus pandemic set in. Revenue grew 108 percent to 41 billion yuan in the quarter.

The Shenzhen-based car company, which has partnerships with Japan’s top automaker Toyota and Germany’s Daimler in China, sold 104,145 vehicles between January and March 2021, up 70 percent from a year earlier.

BYD’s chairman said last week that it would launch a new EV product platform which will be available to other automakers.

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