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.<\/p>\n
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.<\/p>\n
Net income rose by 34% to Rmb 40 billion, largely in line with analysts’ estimates of $5.5 billion, according to a Bloomberg survey.<\/p>\n
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.<\/p>\n
BYD, which accounted for approximately 16% of cars exported from China in January and February, is building factories in Europe and South America.<\/p>\n
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.<\/p>\n
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.<\/p>\n
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.<\/p>\n","protected":false},"excerpt":{"rendered":"
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 […]<\/p>\n","protected":false},"author":1,"featured_media":8551,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"ep_exclude_from_search":false,"footnotes":""},"categories":[4],"tags":[7742,8301,2756,529,2172,891,8302,3915,8121,4134,8299,8300,8304,8298,8297,8128,7304,8303,2155,6693],"class_list":["post-8550","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-asia","tag-automotive-industry","tag-battery-charging","tag-byd","tag-china","tag-electric-vehicles","tag-europe","tag-ev-technology","tag-exports","tag-gods-eye","tag-hybrid-vehicles","tag-net-income","tag-overseas-expansion","tag-plug-in-hybrids","tag-revenue","tag-sales-growth","tag-shenzhen","tag-south-america","tag-stock-performance","tag-tesla","tag-wang-chuanfu"],"yoast_head":"\n