Chinese car manufacturer BYD Co. Ltd. predicts its net profit will jump five times higher in the first half of the year, indicating a robust demand for electric vehicles. 

The Berkshire Hathaway-backed firm has predicted an increase of between 382 and 425 percent to 2.25 billion and 2.45 billion yuan ($347.29 million and $378.16 million respectively) in its net profit in the first half of the year, based on stock exchange filings.

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The Shenzhen-based firm posted a whopping 851 million yuan ($131.35 million) revenue in the first quarter, seven times higher year-on-year and congruent with its prediction in March of a 495 percent to 644 percent climb.

In 2015, BYD also posted a nearly proportional profit climb as electric vehicle sales quadrupled in China. This increase in sales has continued this year with BYD doubling its electric and plug-in hybrid cars sales in the first quarter.

Meanwhile, BYD also plans to double its car production this year. In 2015, the company sold 62,000 units, according to CNBC.

"We can see that more and more people already accept the new technology," Michael Shu, BYD Auto Sales general manager, said.

The sudden boost in electric car sales could be attributed for the Chinese government's aggressive new rules to promote it. For instance, people who opt to buy electric vehicles in China can now claim their license plates faster than gasoline cars, which reportedly take weeks to months.

Experts believe such policies have spurred electric car sales among Chinese consumers, selling 188,000 units in 2015 and the surpassing US' 116,000 units sold.

TagsElectric Vehicles, plug-in cars, hybrid cars, BYD Co., warren buffet, berkshire hathaway