BYD Expects Its Electric Car Sales To Triple This Year
Bloomberg reports that BYD could triple its plug-in electric car sales in China this year.
A market that Bloomberg can’t help but note is apparently “coveted by Tesla“, and that for 2016 has withdrawn a target of 10,000 sales moving back to 5,000. A number that BYD can eat up in less than a month.
In 2015, BYD sold some 58,000 plug-in cars (e5, e6, Qin, Tang, etc.) and the company expects that this year it could increase to 150,000 – a number similar to the total amount of plug-ins that will be sold in the US in 2016.
Through the end of February, BYD was still just less than 10,000 plug-ins sold, so 140,000 more to go in the next 10 months. (Of note: The first quarter in China is notoriously slow, last year about 1/3rd of Q4 volumes)
“BYD may sell as many as 150,000 new-energy vehicles this year, compared with the 58,000 it delivered in 2015, Chairman Wang Chuanfu said at a briefing in Hong Kong. The company surged the most in more than five months in intraday trading in Hong Kong after predicting first-quarter profit may rise more than 50 percent from a year earlier.”
Big bump for BYD is nearly sevenfold increase in net income in 2015 compared to 2014.
“BYD, which counts Buffett’s Berkshire Hathaway Inc. as a shareholder, reported full-year net income rose almost sevenfold to 2.82 billion yuan ($433 million) from a year earlier.”