BEIJING (Reuters) – Chinese electric vehicle maker BYD Co Ltd, backed by U.S. investor Warren Buffett, reported on Sunday a 632 percent jump in its first-quarter net profit, buoyed by strong demand for its new energy vehicles.

The Shenzhen-based car and battery maker, which has a joint venture with Daimler AG in China, said last month it expected first-quarter profit to rise by up to nearly 800 percent.

Profit surged to 749.73 million yuan ($111.4 million), up from just 102.4 million yuan a year ago, when its earnings fell sharply due to cuts to subsidies for electric vehicles.

BYD said it expected half-year net profit to rise to 1.45 billion yuan to 1.65 billion yuan, versus 479.1 million yuan in the same period last year.Read More