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China's BYD posts 79% profit jump for 2016

Carmaker got turbo boost from subsidies for electric cars, hybrids

HONG KONG -- BYD's net profit shot up more than twice as fast as its revenue last year as the Shenzhen-based Chinese automaker reaped the benefits of generous eco-car subsidies from the government.

Profit grew 79% on the year in 2016 to 5.05 billion yuan ($733 million), the company said Wednesday. Revenue rose 29% to 100 billion yuan, double the 2013 figure.

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