BYD, the Chinese electric vehicle and battery maker backed by Warren Buffett, said first-quarter profit surged, buoyed by demand for battery-powered cars as it weathered supply chain kinks from the ongoing semiconductor chip shortage to more expensive raw materials.
“The sales volume of new energy vehicles of the Group also reached a record high, with market share continuing to increase, achieving rapid year-on-year growth, which led to a significant improvement in profitability and, to a certain extent, offset the profitability pressure brought by the rise in upstream raw material prices,” the company said.
BYD also ranks as the fourth-biggest EV battery maker, predominately producing cells for its own cars, but increasingly looking outward to snatch share from market leader Contemporary Amperex Technology Co . It could also snag a higher share of China’s growing EV market as its rolls out a line of refreshed electric vehicles and plug-in hybrids equipped with its safer, cheaper blade batteries.
Founded in 1995, BYD has grown into one of China’s largest EV and battery producers, making early bets on the demand for cleaner-energy vehicles stimulated by government plans to reduce carbon emissions. The company’s share of new-energy vehicle sales reached 17.1 percent in 2021 in China.
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