BYD expects up to 84% rise in 2016 net profit

BYD Co. Ltd. said that they are expecting up to 84.17% rise in net profits this year, as the company’s plug-in hybrid cars and electric buses continue to yield positive sales performance.

In a report by Reuters, Chinese automaker BYD, backed by Warren Buffet’s Berkshire Hathaway Inc., forecast a 77.09% to 84.17% increase in net profit for 2016. BYD added that its rise in net profit for 2016 is expected to range between 5 billion and 5.2 billion Chinese Yuan (around P 35.8 billion and P 37.3 billion respectively).

Reuters also reported that BYD yielded 3.66 billion Chinese Yuan (about P 26.2 billion) for the first 9 months of 2016, an 86.62% increase year-on-year.

BYD has been actively pushing its investment in electric buses. Last October 2016, the company has won a bid to supply a fleet of 11 electric buses to the City of Cape Town in South Africa. This would eventually translate into making Cape Town as the first city in the African continent to use electric buses for public transport.

In addition, the Chinese automaker launched 51 single-deckers all electric bus fleet in London last September 2016. This is said to be Europe’s largest fleet of electric buses that will benefit around 7 million people according to BYD. The electric buses were built in Britain as part of a partnership between BYD and Alexander Dennis Limited, a UK-based bus manufacturer.  

On the other hand, Solar Transport Automotive Resources Corp., the exclusive distributor of BYD vehicles in the Philippines, is offering the Qin (pronounced as “cheen”), a plug-in hybrid electric vehicle. It is powered by a 1.5L turbo direct-injection gasoline engine and an electric motor, which delivers a combined power output of 300 hp and 440 Nm of torque.

For more information about BYD and its vehicles, visit the AutoDeal Car Brands page.

Source: Reuters