BYD, the Chinese automobile manufacturer backed by Berkshire Hathaway, posted record profits for the first six months of 2023. The company reported a 204.7% jump in profits as compared to the same period in 2022.
BYD, which is China’s largest automaker, reported net profits of 10.95 billion yuan ($1.50 billion) on revenues of 260.12 billion yuan for the period ending June 30.
During the month of June alone, BYD sold an impressive total of 253,046 new energy vehicles, a 5.3% increase over its May sales volume. The total unit sales through June 30 for BYD have reached an impressive figure of almost 1.2 million units, almost double the 641,350 units sold during the first six months of 2022.
© 2023 David Mazor
Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway and BYD, and this article is not a recommendation on whether to buy or sell a stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.