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BYD Hikes 2015 Profit Outlook as EV Sales Rise
China’s BYD Co. Ltd. says surging demand for its electric and hybrid vehicles will help multiply its net profit this year more than fivefold to a five-year high of at least 2.3 billion yuan ($349 million).
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China’s BYD Co. Ltd. says surging demand for its electric and hybrid vehicles will help multiply its net profit this year more than fivefold to a five-year high of at least 2.3 billion yuan ($349 million).
The company, which is 9% owned by investor Warren Buffett’s Berkshire Hathaway Inc., previously forecast its earnings for the year would grow between 435% and 481%. But government support, rising fuel economy standards and other incentives helped quadruple China’s overall market for new-energy vehicles to some 74,500 units in 2015.
BYD says it is building EVs and hybrids at full capacity but cannot keep up with demand for its electrified E6 sedan and K9 bus. The company sold more than 18,000 EVs and plug-in hybrids in 2014.
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