BYD expects 2015 profit to increase sixfold on robust EV demand
BYD Co., China's largest producer of electric vehicles, estimated its net profit in 2015 ranged from 2.68 billion yuan to 2.85 billion yuan ($407 million to $433 million), a sixfold increase from the previous year.
The company attributed the robust profits to surging sales of EVs and plug-in hybrids, especially in the last three months of the year.
BYD said it was unable to keep up with demand in the fourth quarter despite running some assembly plants at full capacity.
The privately held company has not released EV sales results for all of 2015. Chinese media have reported that BYD delivered 43,069 EVs and plug-in hybrids in the first ten months of 2015, up 222 percent year on year.
BYD produces gasoline-powered vehicles as well as several EV and plug-in hybrid models. Its product lineup includes the e6 electric compact sedan and the K9 electric bus, while its plug-in hybrid lineup comprises the F3DM and Qin compact sedans and the Tang and Song compact crossovers.
The company is headquartered in the south China city of Shenzhen and listed in Shenzhen and Hong Kong. It is partly owned by U.S. billionaire Warren Buffett.
BYD said it was unable to keep up with demand in the fourth quarter despite running some assembly plants at full capacity.
The privately held company has not released EV sales results for all of 2015. Chinese media have reported that BYD delivered 43,069 EVs and plug-in hybrids in the first ten months of 2015, up 222 percent year on year.
BYD produces gasoline-powered vehicles as well as several EV and plug-in hybrid models. Its product lineup includes the e6 electric compact sedan and the K9 electric bus, while its plug-in hybrid lineup comprises the F3DM and Qin compact sedans and the Tang and Song compact crossovers.
The company is headquartered in the south China city of Shenzhen and listed in Shenzhen and Hong Kong. It is partly owned by U.S. billionaire Warren Buffett.