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Chinese carmaker BYD triples profits

Chinese electric car maker BYD registered a sharp increase in profits in the first six months of this year.

Net profit rose to between 10.5 billion and 11.7 billion yuan (€1.46 billion), based on preliminary figures, the Shenzhen-based company said.

This translates into a 192% to 225% increase in profit, it said.

BYD was able to grow significantly in recent months, becoming the market leader in home country China, dethroning Volkswagen in the process.

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