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BYD sees 2009 profit triple on robust sedan sales

By George Gao  From Gasgoo.comMarch 18, 2010

Shanghai, March 18 ( Chinese automaker BYD has said its net profit more than tripled last year as the company's F3 sedan topped the country's list of best-selling cars, AP reported this week.

BYD's net profit soared to 3.79 billion yuan ($555 mln) in 2009, the automaker reported late Sunday, up from 1.02 billion yuan the year before. The company, among several Chinese automakers, saw sales take off later last year, largely thanks to government tax cuts and subsidies for energy-efficient small vehicles.

Although it did not report profits by segment, BYD said its 21 billion yuan in revenues from its auto division last year accounted for 53 percent of its total sales, up from 32 percent in 2008. It posted a forecast-beating fourth-quarter result.

Last year, BYD sold nearly 450,000 vehicles, up 170%. Of that total, about 290,000 were its popular F3 sedan, which topped many monthly sales as China's best-selling sedan. The company aims to sell 800,000 cars this year.

BYD, 10% owned by Buffett's Berkshire Hathaway Inc., plans to market electric and hybrid cars in Europe next year, including the E6, after starting sale of the model in the U.S. late this year.

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