TaiShang
ELITE MEMBER
- Joined
- Apr 30, 2014
- Messages
- 27,848
- Reaction score
- 70
- Country
- Location
Chinese electric car maker BYD's first-quarter profit up 632 percent
CGTN - 28-Apr-2019
Chinese electric vehicle maker BYD Co Ltd reported on Sunday a 632 percent jump in its first-quarter net profit, buoyed by strong demand for its new energy vehicles.
The Shenzhen-based car and battery maker, which has a joint venture with Daimler AG in China, said last month it expected first-quarter profit to rise by up to nearly 800 percent.
Profit surged to 749.73 million yuan (111.4 million U.S. dollars), up from just 102.4 million yuan a year ago, when its earnings fell sharply due to cuts to subsidies for electric vehicles.
BYD said it expected half-year net profit to rise to 1.45 billion yuan to 1.65 billion yuan, versus 479.1 million yuan in the same period last year.
"New energy vehicles are expected to continue to sell well in the second quarter, and new energy vehicle sales and revenues continue to maintain strong growth," the company said in a stock exchange filing, adding that new passenger and commercial vehicle models will help boost revenue.
China's market for electric cars is booming, but profits in the sector have been squeezed by fierce competition between established firms and rival startups, as well as moves by Beijing to cut subsidies for the market to improve product quality and standards.
The company sold 117,578 vehicles in the first three months this year, up 5.2 percent from a year earlier. BYD, whose popular models include its Tang-series electric cars, has said it aims to sell 650,000 vehicles in 2019.
Overall electric car sales in China jumped 61.7 percent in 2018 to 1.3 million vehicles, according to China's top car industry body China's Association of Automobile Manufacturers (CAAM). It sees electric vehicle sales hitting 1.6 million this year.
China last month raised its standards for electric cars that qualify for subsidies and reduced the amount it is willing to provide to relevant companies.
https://news.cgtn.com/news/3d3d414e7a4d7a4d34457a6333566d54/index.html
Meanwhile...
Ending tough week, Tesla shares sink to lowest in two years
***
I expect BYD to make them run away
BYD to set up new energy PV base in Changzhou with expected annual capacity of 400,000 units
Monika From Gasgoo| April 28 , 2019
Shanghai (Gasgoo)- BYD inked a strategic cooperation agreement with Changzhou municipal government on April 25 to build a new energy passenger vehicle (PV) and core auto parts industrial park in Changzhou, Jiangsu Province.
The industrial park, located at Changzhou National Hi-Tech District, will involve a planned investment of RMB10 billion. After the program completes, it is expected to have an annual capacity of 400,000 vehicles and output a total value of over RMB50 billion per year.
The Changzhou base is designed to manufacture 10 models of BYD's “Dynasty” and “e” product series with segments ranging from mini-sized to large-sized vehicles. Besides, BYD also plans to establish a R&D center in this city.
The automaker maker so far has vehicle plants in Shenzhen, Xi’an and Changsha. Along with the yet-to-be Changzhou base, BYD's will form a PV manufacturing deployment across the east, south, northwest and middle parts of China.
BYD's current yearly PV capacity has exceeded 800,000 units with its utilization rate continuously climbing, the automaker revealed at the 2018 annual results introduction meeting on April 10. Last year, BYD sold a total of 520,687 vehicles, among which the new energy PV full-year sales reached 247,811 units.
http://autonews.gasgoo.com/china_news/70015888.html
About the BYD fire:
***
BYD reports an EV fire incident while battery pack remains intact
Monika From Gasgoo| April 25 , 2019
Shanghai (Gasgoo)- Recent car fire incidents are landing electric vehicles in hot water. After Tesla and NIO's vehicles caught fire in succession this week, BYD, a major NEV maker in China, reported another burning accident on April 24.
BYD announced via its official Sina Weibo account that a BYD e5 car caught fire on April 24 in Wuhan, capital of Hubei Province. “After receiving the news, BYD dispatched staff members to the scene immediately. Through an initial investigation, we found out that the fire source is located at the trunk, while the battery pack at the bottom still remained intact. We will further investigate the incident in cooperation with relevant departments until get final results,” said the automaker.
(Photo source: BYD's official Sina Weibo account)
The company also exposed the photos of the damaged car. In the comments, some netizens gave thumbs up to the unharmed battery pack after suffering a fire lasting half an hour. “The safety accident likelihood of fuel-burning vehicles is no less than that of EVs at all, while it is undeniable that the security incident has become a stronger factor than NEV subsidy phase-out in curbing NEV sales growth,” other people said.
According to BYD's latest sales report, BYD sold 46,825 vehicles in March, among which NEV sales reached 30,075 units with a remarkable year-on-year growth of 115.59%. For the first quarter of the year, the company saw its NEV sales skyrocketed 146.89% year on year to 73,172 vehicles, accounting for 62.23% of its total Q1 sales.
http://autonews.gasgoo.com/china_news/70015883.html
CGTN - 28-Apr-2019
Chinese electric vehicle maker BYD Co Ltd reported on Sunday a 632 percent jump in its first-quarter net profit, buoyed by strong demand for its new energy vehicles.
The Shenzhen-based car and battery maker, which has a joint venture with Daimler AG in China, said last month it expected first-quarter profit to rise by up to nearly 800 percent.
Profit surged to 749.73 million yuan (111.4 million U.S. dollars), up from just 102.4 million yuan a year ago, when its earnings fell sharply due to cuts to subsidies for electric vehicles.
BYD said it expected half-year net profit to rise to 1.45 billion yuan to 1.65 billion yuan, versus 479.1 million yuan in the same period last year.
"New energy vehicles are expected to continue to sell well in the second quarter, and new energy vehicle sales and revenues continue to maintain strong growth," the company said in a stock exchange filing, adding that new passenger and commercial vehicle models will help boost revenue.
China's market for electric cars is booming, but profits in the sector have been squeezed by fierce competition between established firms and rival startups, as well as moves by Beijing to cut subsidies for the market to improve product quality and standards.
The company sold 117,578 vehicles in the first three months this year, up 5.2 percent from a year earlier. BYD, whose popular models include its Tang-series electric cars, has said it aims to sell 650,000 vehicles in 2019.
Overall electric car sales in China jumped 61.7 percent in 2018 to 1.3 million vehicles, according to China's top car industry body China's Association of Automobile Manufacturers (CAAM). It sees electric vehicle sales hitting 1.6 million this year.
China last month raised its standards for electric cars that qualify for subsidies and reduced the amount it is willing to provide to relevant companies.
https://news.cgtn.com/news/3d3d414e7a4d7a4d34457a6333566d54/index.html
Meanwhile...
Ending tough week, Tesla shares sink to lowest in two years
***
it's tesla new techology breakthrough self-cremation feature. they already have self-driving coffin feature, why not this too? they just need an ai priest or jesus and the ecosystem will complete.
I expect BYD to make them run away
BYD to set up new energy PV base in Changzhou with expected annual capacity of 400,000 units
Monika From Gasgoo| April 28 , 2019
Shanghai (Gasgoo)- BYD inked a strategic cooperation agreement with Changzhou municipal government on April 25 to build a new energy passenger vehicle (PV) and core auto parts industrial park in Changzhou, Jiangsu Province.
The industrial park, located at Changzhou National Hi-Tech District, will involve a planned investment of RMB10 billion. After the program completes, it is expected to have an annual capacity of 400,000 vehicles and output a total value of over RMB50 billion per year.
The Changzhou base is designed to manufacture 10 models of BYD's “Dynasty” and “e” product series with segments ranging from mini-sized to large-sized vehicles. Besides, BYD also plans to establish a R&D center in this city.
The automaker maker so far has vehicle plants in Shenzhen, Xi’an and Changsha. Along with the yet-to-be Changzhou base, BYD's will form a PV manufacturing deployment across the east, south, northwest and middle parts of China.
BYD's current yearly PV capacity has exceeded 800,000 units with its utilization rate continuously climbing, the automaker revealed at the 2018 annual results introduction meeting on April 10. Last year, BYD sold a total of 520,687 vehicles, among which the new energy PV full-year sales reached 247,811 units.
http://autonews.gasgoo.com/china_news/70015888.html
About the BYD fire:
***
BYD reports an EV fire incident while battery pack remains intact
Monika From Gasgoo| April 25 , 2019
Shanghai (Gasgoo)- Recent car fire incidents are landing electric vehicles in hot water. After Tesla and NIO's vehicles caught fire in succession this week, BYD, a major NEV maker in China, reported another burning accident on April 24.
BYD announced via its official Sina Weibo account that a BYD e5 car caught fire on April 24 in Wuhan, capital of Hubei Province. “After receiving the news, BYD dispatched staff members to the scene immediately. Through an initial investigation, we found out that the fire source is located at the trunk, while the battery pack at the bottom still remained intact. We will further investigate the incident in cooperation with relevant departments until get final results,” said the automaker.
(Photo source: BYD's official Sina Weibo account)
The company also exposed the photos of the damaged car. In the comments, some netizens gave thumbs up to the unharmed battery pack after suffering a fire lasting half an hour. “The safety accident likelihood of fuel-burning vehicles is no less than that of EVs at all, while it is undeniable that the security incident has become a stronger factor than NEV subsidy phase-out in curbing NEV sales growth,” other people said.
According to BYD's latest sales report, BYD sold 46,825 vehicles in March, among which NEV sales reached 30,075 units with a remarkable year-on-year growth of 115.59%. For the first quarter of the year, the company saw its NEV sales skyrocketed 146.89% year on year to 73,172 vehicles, accounting for 62.23% of its total Q1 sales.
http://autonews.gasgoo.com/china_news/70015883.html
