BYD’s annual sales have topped $100bn for the first time, as China’s electric vehicle champion dominates its domestic market and presses ahead with an overseas expansion.
Revenue at the Warren Buffett-backed group rose to Rmb777bn ($107bn) last year, surpassing the Rmb766bn forecast by analysts, on the back of strong demand for plug-in hybrids. BYD’s net income rose 34 per cent to Rmb40bn.
The Chinese company, whose overseas sales rose last year to more than 400,000 vehicles, recently raised almost $6bn to fund expansion plans as it sets its sights on further overseas expansion.
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