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 Ford Maverick, Toyota Tundra Hybrid, and GM's Factory Footprint
GM is transforming its approach to the auto market—and its factories. Ford builds a small truck for the urban market. Toyota builds a full-size pickup and uses a hybrid instead of a diesel. And Faurecia thinks that hydrogen is where the industry is going.
-
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.
-
Hyundai Shops for a Partner to Make Electric Scooters
Hyundai Motor Co. is looking for a domestic partner to mass-produce the fold-up Ioniq electric scooter it unveiled at last year’s CES show in Las Vegas, a source tells The Korea Herald.