China's BYD boasts profits up 551% and expects EV sales to triple

Chinese electric vehicle and battery maker, BYD, announced earlier this week that its profits soared by 551% in 2015 amid improved sales of new energy vehicles (as well as growth in its handset component and assembly businesses). The Warren Buffet-backed firm saw profits reach $430m, benefiting from a wave of financial incentives from the Chinese Government aimed at tackling the country’s air pollution crisis. Chairman of BYD, Wang Chuanfu, stated at a briefing in Hong Kong on Monday that the firm may sell as many as 150k new energy vehicles this year, up from 58k last year. “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.”

DUBLIN, March 29, 2016 /PRNewswire/ --

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Domestic sales for Chinese car-and-battery manufacturer BYD Co's electric vehicles could triple this year thanks to government incentives and consumer concerns about the effect fossil fuel powered vehicles have on the environment. The forecast growth has caught the attention of rival Tesla Motors Inc, who is reportedly stepping up expansion in the Chinese market. The global battery electric vehicles market is expected to grow at a CAGR of 59.42%, according to a report available from Research and Markets, but this impressive growth could be even higher if BYD's sales predictions are correct.

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China has invested heavily into its electric vehicle charging infrastructure and implemented incentives to encourage consumers to make the switch to electric vehicles. The Chinese government plans to have 5 million electric vehicles on its roads by the end of 2020, with automakers like BYD greatly benefiting from the countrywide initiatives. BYD delivered 58,000 new-energy vehicles in 2015, and expects to sell up to 150,000 vehicles this year.

The strong growth of this market will have a positive influence on other related markets. The global electric vehicle charger market is set to grow at a CAGR of 29.38% by 2020, as forecast in a recent report, but will likely be higher to due to the increasing demand for new-energy vehicles.

The global li-ion battery market for electric vehicles is set to grow at a CAGR of 31.1% by 2019, as noted by an industry report, but this forecast could be undervalued and instead higher thanks to China's commitment to replacing traditional fossil fuel vehicles with environmentally friendly electric vehicles.

For further information on this topic, and a full list of all related documentation, please visit the Electric and Hybrid Vehicles section at http://www.researchandmarkets.com/rm/NKMM.

Source: http://www.bloomberg.com/news/articles/2016-03-29/byd-sees-electric-car-sales-tripling-in-market-coveted-by-tesla

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