China's largest new energy car maker BYD has reported surging profit growth in 2015, with demand rising as authorities introduced policy support for green vehicles.
BYD raked in 80 billion yuan (12.24 billion U.S. dollars) in revenue last year, with net profit reaching about 2.83 billion yuan, up more than 550 percent year on year, it said in its financial report on Friday.
Since 2014, the government has been subsidizing purchases of new energy vehicles (NEVs) and offering tax exemptions, believing that it will help upgrade the economy and protect the environment.
In its latest effort to boost the NEV market, the State Council announced on Wednesday a fresh set of policies including building more battery charging facilities and increasing the share of NEVs in the public transportation system.
Thanks to the government incentives, the number of new energy vehicles produced in China quadrupled to 379,000 in 2015, according to the Ministry of Industry and Information Technology.
