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BYD Targets Aggressive EV Growth
China’s BYD Co. reports a 551% spike in net profits to 2.82 billion yuan ($430 million) on a 40% increase in sales to 77.6 billion yuan, respectively, last year.
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China’s BYD Co. reports a 551% spike in net profits to 2.82 billion yuan ($430 million) on a 40% increase in sales to 77.6 billion yuan ($11.9 billion), respectively, last year.
The gains are attributed in part to growing demand for so-called new energy vehicles in China. BYD sold 58,000 electric and plug-in hybrid vehicles in 2015 and expects deliveries to surge to 150,000 units this year.
China's EV/plug-in sales grew more than threefold to 331,000 units in 2015. BYD Chairman Wang Chuanfu predicts the sales uptick to continue through at least 2018, thanks to aggressive government-backed efforts to develop a recharging infrastructure and healthy incentives for consumers to purchase battery-powered models.
China aims to put five million EV/plug-ins on its roads by the end of the decade.
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