BYD elec­tric cars rev up earn­ings by 384% in first half

China Daily (USA) - - BUSINESS - By CHAIHUA in Shen­zhen grace@chi­nadai­lyhk.com

BYD Co Ltd, a ma­jor Chi­nese new en­ergy ve­hi­cle man­u­fac­turer, posted a first-half profit in­crease of 384 per­cent to 2.26 bil­lion yuan ($342 mil­lion) com­pared to the same pe­riod last year, mainly due to the in­crease in its new en­ergy ve­hi­cle busi­ness.

Boosted by the rock­et­ing profit, its Hong Kong shares onMon­day rose by 3.9 per­cent at one point to HK$53 ($6.8), and closed at HK$52.25.

Its rev­enue also grew by 43.74 per­cent year-on-year to 43.75 bil­lion yuan in the first six months of 2016, 35 per­cent of which was from its new en­ergy au­to­mo­bile busi­ness, ac­cord­ing to its in­terim re­sults pub­lished on Sun­day.

The sales in­come of its new en­ergy ve­hi­cle busi­ness de­vel­oped rapidly by about 1.61 times year-on-year to 15.31 bil­lion yuan.

The sales vol­ume of its new en­ergy au­to­mo­biles surged by about 130 per­cent to ap­prox­i­mately 49,000 units dur­ing the first six month, while its tar­get for an­nual sales in 2016 is 120,000 units, Wang Chuanfu, chair­man of BYD, said at a brief­ing on Mon­day.

He said the next half year is usu­ally its busy sea­son and he is con­fi­dent that the com­pany will ac­com­plish the tar­get, es­pe­cially af­ter the launch of more new ve­hi­cle mod­els.

Ac­cord­ing to sta­tis­tics from the China As­so­ci­a­tion of Au­to­mo­bile Man­u­fac­tur­ers, BYD’s share of the new en­ergy au­to­mo­bile mar­ket was ap­prox­i­mately 27 per­cent in the first half of 2016 and the com­pany has dom­i­nated the plug-in hy­brid ve­hi­cle mar­ket with a 65 per­cent share.

New en­ergy au­to­mo­biles have be­come the high­light of China’s au­to­mo­bile mar­ket. In the first half of 2016, its to­tal sales surged 126.9 per­cent year-on-year to 170,000 units, ac­cord­ing to CAAM sta­tis­tics.

A JING / FOR CHINA DAILY

A model stands be­side a BYD car at an auto expo in Bei­jing.

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