BYD, the Chinese automaker backed by Warren Buffett’s Berkshire Hathaway, posted a 911% surge in net profit as the company continues to attract orders, Bloomberg reports.
The company recently won a contract from the Long Beach Transit Authority for an initial order of 10 electric buses at $800,000 apiece. However, options with partner agencies could mean significantly more sales for the carmaker. It is projected by BYD that they might sell 200 buses this year. This is in stark contrast to last year, where profits were continually trending downwards.
The firm also announced a new employee incentive scheme where an asset management plan made for the employees would purchase up to 32,660,000 A Shares from company Chairman Wang Chuan-fu. This was done to “promote the long term, sustainable and healthy development of the company and create sustainable return to Shareholders,” the company said.
BYD’s Hong Kong-listed shares were 2% higher in late trade Tuesday.
Photo credit: Autoblog Uruguay via Flickr