BYD Increases Net Earnings And Expects To Double Plug-In Sales Every Year Through 2018
BYD expects increases in its net profits for the past 2015 to some $400-430 million.
That would be around six times more than in 2014 (around $65 million at the current exchange rate). BYD’s total revenues in 2014 were at $8.4 billion.
According to BYD, profit grew due to sales of plug-in vehicles;; this marks one of the few times we have heard a major OEM credit plug-in vehicles for success and profit. This lack of positive feedback from the rest of the global auto industry is perhaps due to the fact BYD isn’t currently petitioning regulators/government to lower upcoming fuel efficiency and emissions standards – such as what is happening behind closed doors currently for 2025 CAFE targets in the US.
The Chinese manufacturer sold over 10,000 plug-in passenger cars alone in December alone, but even at that pace it can’t keep up with demand.
Separate news is that BYD hopes to double NEVs sales every year over the next three years (2016-2018).
That would mean at least over 120,000 sales this year (10,000 a month is the new norm?), 240,000 in 2017 and some half million in 2018! Well, we just hope that BYD is aware of how multiplying times two could turn out over the longer period, like 64 times in a row.
Source: Automotive News China