Manufacturing News

BYD says China EV, plug-in hybrid sales could triple this year

BYD Co. may boost deliveries of electric vehicles by as much as three times this year in its home market, underscoring the rising demand that's prompting Tesla Motors Inc. to step up an expansion.

BYD may sell as many as 150,000 EVs and plug-in hybrids this year, up from 58,000 delivered in 2015, Chairman Wang Chuanfu said at a briefing in Hong Kong.

China has stepped up construction of public battery charging stations and introduced sales subsidies to encourage consumers to switch to EVs.

Last year, industrywide EV deliveries surged more than threefold to 331,000 as the government continued its drive to put five million EVs and plug-in hybrids on roads by the end of the decade.

"The Chinese government has more comprehensive policy support on new-energy cars than other governments, leading to the industry's explosive development last year," said Wang. "The rapid growth will remain from 2016 to 2018."

BYD, which counts Buffett's Berkshire Hathaway Inc. as a shareholder, reported full-year net income rose almost sevenfold to 2.82 billion yuan ($433 million) from a year earlier. Its sales of EVs and plug-in hybrids jumped three times to 58,000 units last year.

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