Buffett-backed Chinese EV maker BYD profit up 162% in 2020

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BEIJING (Reuters) -Chinese electric vehicle maker BYD Co Ltd,, which is backed by billionaire Warren Buffett, on Monday reported a 162% growth in 2020 net profit as it became a major mask maker amid the COVID-19 pandemic.
BYD reported 4.23 billion yuan ($643.75 million) net profit in 2020, up from 1.61 billion yuan in 2019. That compared with a 4.6 billion yuan net profit estimated by 22 analysts, according to Refinitiv data.
BYD, which started making masks early last year, shortly after the COVID-19 outbreak began, did not give details about its current manufacturing capacity of masks. In May it said it could make 50 million masks a day.
The Shenzhen-based car company, which has partnerships with Japan's top automaker Toyota and German Daimler in China, sold 426,972 vehicles in 2020, 7.5% lower from a year earlier.
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