BYD Expects Its Electric Car Sales To Triple This Year

2 years ago by Mark Kane 2

All 8 Of BYD's 8 Vehicles On Display At Shanghai Auto Show Are Plug-In Electric Cars

BYD’s Ever Growing Family Of Plug-Ins

BYD Song

BYD Song will be next plug-in hybrid best seller?

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A market that Bloomberg can’t help but note is apparently “coveted by Tesla“, and that for 2016 has withdrawn a target of 10,000 sales moving back to 5,000.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.”

source: Bloomberg

Tags: ,

2 responses to "BYD Expects Its Electric Car Sales To Triple This Year"

  1. Tapaskoch says:

    Wonder why with this performance stock is only moving sideways.
    Can’t imagine this impressive sales figures were already factored in

    1. Just_Chris says:

      I think the sales of EV’s in China are far more predictable due to the heavy government influence and stability, with the later being different to most other nations. In short the Chinese aren’t worried about what the next government will do.

      People where already making pretty solid predictions of rapid growth in the Chinese market Dec last year so I guess everyone knew that BYD was going to have a good year back then making the official announcement not much of a surprise.