Sharp growth in China’s BYD Q1 profits

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Shenzhen-based automaker BYD sold 45,000 cars in April, up 40.6 percent over its poor showing in the period a year ago, but a decline from the 68,000 cars in sold in March, the company said. Sales of the BYD F3 totaled 21,000 cars last month, while its F0 sold 15,000 units.

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The company reported a net profit of more than 1.7 billion yuan in the first quarter of 2011, a remarkable growth of 255 percent from the same period of 2010.

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China’s securities regulator said last Thursday it will review BYD’s initial public offering application today. The Chinese battery and car maker said in a separate statement last week that it plans to sell no more than 79 million shares, or 3.4 percent of its total capital, ahead of a listing on the Shenzhen Stock Exchange.

Via: ChinaDaily.

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