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BYD’s annual sales, which dominated the domestic market and are about to expand overseas, accounted for $ 100 billion for the first time.
Headquartered at Shenzhen, BYD said last year that the strong demand for plug -in hybrids rose 29 % to the RMB777BN ($ 137 billion) last year, surpassing the analyst’s prediction of RMB766BN. The group’s net profit rose to RMB4 billion, up 34 % from a year ago.
Unlike US rival Tesla, which sold electric cars and reported $ 98 billion in sales last year, BYD benefited from China’s resurrection demand for hybrid vehicles.
Following the price war for several years in China, the world’s largest EV market, BYD also began to turn to one with a focus on the aggressive price -specific strategy designed to occupy the market share.
Serena Shen, the automatic analyst of S & P Global Mobility, said, “The leading player in the market, including BYD, is far from the ‘price mass’ approach.
This result is an amazing 12 -month -old Chinese group that makes the lineup more attractive and fascinated by introducing some new technologies, including the so -called God ‘S Eye Advanced Driving System.
Founder Wang Chuanfu helped the company to send stocks to record the best by releasing the battery charging system so that the company could claim EV in five minutes.
Stocks were out of the best last week, but have increased 91 % over the last 12 months. They closed 3 %at HK $ 403.40 on Monday.
In contrast, Tesla’s shares, which did not record $ 100 billion in annual revenue this year after achieving the highest record in December following Donald Trump’s winning victory, fell 32 % this year.
BYD also assumes aggressive expansion other than China and bets to weaken legacy automakers such as Volkswagen and Toyota from Europe to Southeast Asia.
BYD, which passed 400,000 vehicles out of 4 million last month, raised nearly $ 6 billion to support funds outside of China. The group, which accounted for about 16 %of all cars exported in China in January and February, opened a factory in Thailand and Uzbekistan in July.
BYD is at the forefront of the boom of Chinese clean tech export. In addition to automobiles, the company produces a variety of energy -related technologies, including lithium batteries for large -scale energy storage and solar modules.
The rise of the company has aroused the fear of Western automakers and governments in China’s development in battery technology. Last year, the EU imposed a steep tariff on Chinese electric vehicles, claiming that BLOC would provide unfair support to the industry following BEIJING.
BYD’s international ambition also questioned how to handle hard labor and environmental standards. The $ 1 billion development of Brazil was delayed in December, and the authorities suspended the construction of workers who were subject to conditions such as the “slavery” for workers.
BYD later dismissed a Chinese contractor and said that there is a rude “independence” of local law and human dignity.
