Leading EV manufacturer of plug-in vehicles for China...and the world, BYD (it isn't even a close race at home or globally) is now collecting the first fruits of its mass production strategy to bet heavy on electric vehicles.
In the first half of 2016, sales of conventional BYD cars decreased by over 8%. But that didn't stop the company from achieving its highest growth of revenues among independent carmakers in China - thanks to a more than 100% gain in plug-in sales over the same time.
Net profit increased 384% to 2.3 billion yuan ($344 million) out of 23.4 billion yuan revenues ($3.5 billion) - up 38%.
No one builds EVs like BYD. Also of note: BYD's EV sales are currently up 100% this year...so no one will be catching them any time soon either.
Interesting is that the most revenue now comes via the sale of plug-in vehicles - 15.3 billion yuan's worth ($2.3 billion). In the first half, BYD sold some 46,000 NEVs (plug-in vehicles), including about 43,000 cars.
The high profit margin BYD has discovered in NEVs soon could put BYD on the top of the pile for earnings amongst all automakers everywhere.
"Although BYD’s sales volume ranks bottom among the five self-independent brand giants, its profit ranks third among them. Following the current growth, we can predict that in the next four or five years, BYD will make the most money among self-independent auto companies."
Now, who was it that said there was no profit to be found in electric vehicles?