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China's electric car boom doubles BYD's quarterly sales

Automaker faces profit squeeze with Beijing slashing green-vehicle subsidies

BYD unveils the e-SEED GT concept electric vehicle at Auto Shanghai on April 16.   © Reuters

GUANGZHOU -- BYD, China's leading producer of electric cars, saw first-quarter sales of new-energy vehicles more than double, outpacing the overall expansion of the domestic market.

The automaker took in a net profit of 749.7 million yuan ($111 million) for the three months ended in March, up more than sevenfold from a year earlier, the company said Sunday. Revenue rose 22.5% to 30.3 billion yuan.

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