(Yicai Global) Oct. 30 -- BYD, a Chinese carmaker whose shares Warren Buffett's Berkshire Hathaway has not sold in 12 years, forecast an almost three-fold gain in annual profit because of increasing sales of upscale models.

Net profit may come in at between CNY4.2 billion to CNY4.6 billion (USD628 million and USD688 million) this year, the Shenzhen-based firm said in an earnings report yesterday. With CNY3.4 billion already in the bag, the automaker is about 80 percent toward the low end of its target.

The coronavirus epidemic has not majorly hindered BYD. The firm sold over 40,900 passenger cars last month, up 2 percent from a year earlier. Its NEV sales jumped 43 percent to more than 18,600 units. Deliveries of its flagship model, the upmarket Han sedan, which started reaching buyers in July, surged 40 percent to more than 5,600 in September from August.

Moreover, BYD's pure-electric bus business has been thriving. Commercial vehicle sales doubled to almost 1,300 in September from a year ago. In the first three quarters, the increase was 80 percent.

Revenue jumped 12 percent from a year earlier to CNY105 billion (USD15.7 billion) in the nine months ended September.

The company’s shares [SHE: 002594] rose as much as 7.5 percent in Shenzhen today before closing almost 1 percent up at CNY159.81 (USD23.90) each. In Hong Kong, BYD’s stock [HKG: 1121] fell 1.6 percent to HKD 154.10 (USD19.87).

Both the firm's Hong Kong and Shenzhen-listed equities hit all-time highs before the earnings report was published. The stock has doubled in value over the past two months.

Berkshire Hathaway, Buffett’s US-based investment company, bought 225 million shares in BYD in 2008 and has not sold a single one since. The value of its stake has soared almost 20 times.

Editor: Emmi Laine