(BRK.A), (BRK.B)
BYD Company Limited, the Chinese battery and vehicle-maker that is 9% owned by Berkshire Hathaway, saw its net profits in 2015 grow a dramatic 550% to 2.82 billion yuan ($431 million).
The growth comes as BYD took over the number one position as the world’s top selling EV manufacturer.
BYD was only ranked seventh in 2014, and its position as the global leader comes while it has yet to retail its EV cars in the United States.
BYD’s success is due in part to the popularity of its Qin sedan and Tang SUV in China, and on the growing sales of its pure-electric buses, not only in China, but around the world.
BYD has pure-electric bus orders from the U.S, Brazil, Columbia, England, Malaysia and Thailand.
In September 2015, BYD scored a massive order in the U. S. from the state of Washington. BYD won a contract from the Washington State Department of Transportation (WSDOT) for up to 800 pure electric buses.
On the auto front, the company will introduce two new models in 2016, the SUVs Song and Yuan.
In 2008, Berkshire Hathaway bet on BYD’s potential and purchased 225 million shares, and today owns roughly 9.1% of the company.
For More on BYD, read the Special Report: BYD, Berkshire’s Tesla.
© 2016 David Mazor
Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell the 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.