for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up

UPDATE 1-Buffett-backed EV maker BYD's profit more than doubles

(Adds background)

BEIJING, April 28 (Reuters) - Chinese electric vehicle (EV) maker BYD Co Ltd , which is backed by U.S. investor Warren Buffett, on Wednesday reported growth of 110.7% in first-quarter net profit.

BYD reported 237.4 million yuan ($36.61 million) net profit in the first three months this year, up from 112.6 million yuan a year earlier. Its revenue grew 108% year-on-year to 41 billion yuan in the first quarter.

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

Its chairman said last week that it would launched a new EV product platform which will be open to other automakers.

$1 = 6.4841 Chinese yuan renminbi Reporting by Yilei Sun and Tony Munroe, editing by Louise Heavens

for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up