Mexican Media Brands
BYD Profit Growth Could Slow to 77% This Year
BYD Co., whose net profit multiplied more than fivefold in 2015, says its earnings this year will climb a mere 77%-84% as the growth rate for China’s electric and hybrid car market eases.
#hybrid #economics
Share
BYD Co., whose net profit multiplied more than fivefold in 2015, says its earnings this year will climb a mere 77%-84% as the growth rate for China’s electric and hybrid car market eases.
BYD’s net profit in 2015 skyrocketed 551% to 2.8 billion yuan. Revenue surged 40% to 78 billion yuan, as income from “green” vehicles nearly tripled to 19 billion yuan. The revenue surge was driven primarily by the government’s quadrupled subsidies for EV and plug-in hybrid production.
But Beijing’s support has eased this year amid evidence that several carmakers were cheating the program by reporting sales of cars they hadn’t built. As a result, BYD’s net profit through the first nine months of this year rose 87% to 3.7 billion yuan ($541 million), in line with an earlier forecast.
Reuters cites trade association data showing that China’s demand for EVs and plug-in hybrids totaled about 289,000 units through the first nine months of 2016. The government’s goal is to sell 700,000 such vehicles this year.
RELATED CONTENT
-
On Military Trucks, Euro Car Sales, Mazda Drops and More
Did you know Mack is making military dump trucks from commercial vehicles or that Ford tied with Daimler in Euro vehicle sales or the Mazda6 is soon to be a thing of the past or Alexa can be more readily integrated or about Honda’s new EV strategy? All that and more are found here.
-
Aluminum Sheet for EV Battery Enclosure
As the number of electric vehicles (EVs) is about to increase almost exponentially, aluminum supplier Novelis is preparing to provide customers with protective solutions
-
What the VW ID. BUGGY Indicates
Volkswagen will be presenting a concept, the ID. BUGGY, a contemporary take on a dune buggy, based on the MEB electric platform that the company will be using for a wide array of production vehicles, at the International Geneva Motor Show.