BYD in China Reaped a Yearly Rise of 603.38% in Net Profit in the First Quarter

Gasgoo.com (Shanghai May 3^rd)- BYD in China announced that its revenue was RMB 20.285 billion yuan, a yearly rise of 32.74%, and its net profit was RMB 851 million yuan, a yearly rise of 603.38%.

BYD expects that its profit would be about from RMB2.25 billion yuan to RMB2.45 billion yuan, increasing by from 382.15% to 425.01% in the first half of 2016. This considerable increase results from customer recognition and government subsidies. Besides, segment of alternative energy vehicles began to grow rapidly. Sales of alternative energy vehicles continue to increase in the second quarter, driving the revenue and profit.

Investing on developing alternative energy vehicles and SUVs helped BYD attain growth in sales.

Statistics from the China Association of Automobile Manufacturers shows that production and sales of alternative energy vehicles were 62,700 units and 58,100 units respectively with a yearly rise of 110% and 100% respectively in China during the first quarter. Among them, production of electric vehicles was 46,300 units with a yearly rise of 140% while sales were 42,100 units with a yearly rise of 140%; Production and sales of plug-in hybrid vehicles were 16,300 units and 16,000 units respectively, increasing by 46% and 43%. And BYD accounted for 28.9% of market shares by selling 16,800 units of vehicles in the first quarter, ranked the first rated once again. It sold 11,900 units of plug-in hybrid vehicles and 4,839 units of electric vehicles, ranked the first rated and second rated respectively.

Sales of alternative energy vehicles are expected to increase in the following months considering adjustment of government policies. A total of 147 models of alternative energy vehicles launched by different automakers appeared on the 2016 Beijing Auto Show, indicating that automakers will still invest a lot on the development of alternative energy vehicles.

Considering that sales of alternative energy vehicles may decrease in China next year, automakers undoubtedly will spare no effort in fighting for taking up more market shares in 2016.