Chinese electric vehicle champion BYD exceeded expectations with a 29% increase in full-year sales, driven by strong demand for plug-in hybrids in its domestic market.
The group’s revenue reached Rmb 777 billion ($107 billion), crossing the $100 billion threshold for the first time. Growing exports also contributed to the sales figures.
Net income rose by 34% to Rmb 40 billion, largely in line with analysts’ estimates of $5.5 billion, according to a Bloomberg survey.
With overseas sales exceeding 400,000 vehicles last year, the Chinese company recently raised approximately $6 billion to finance its expansion plans, setting its sights on further overseas growth.
BYD, which accounted for approximately 16% of cars exported from China in January and February, is building factories in Europe and South America.
The strong figures followed founder Wang Chuanfu’s introduction last week of a new battery charging system that will allow customers to charge electric vehicles in five minutes.
Since the beginning of the year, the Shenzhen-based company has introduced a range of EV technologies, including an advanced driving system called God’s Eye, to make its model lineup more attractive.
BYD’s Hong Kong-listed shares closed up 3% on Monday. The shares have risen more than 50% this year, in stark contrast to Tesla’s 34% decline.
