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BYD, an autonomous car company, released a forecast for the first quarter of 2020. The company expects a profit of 50 million to 150 million yuan in the first quarter, compared with 749.73 million yuan in the same period last year, down 79.99 percent from 93.33 percent in the same period last year.

As for the reasons for the sharp decline in performance, BYD said that the COVID-19 epidemic and macroeconomic downturn had a great impact on the overall market demand of the automotive industry in the first quarter of 2020, and the company's sales of new energy vehicles declined significantly compared with the same period last year. In terms of traditional fuel vehicles, with the continued hot sales of Song Pro, the declining pressure on the sales of fuel vehicles has been alleviated to a certain extent.

According to the sales report released by BYD, car sales in March were 30599, down 34.7% from the same period last year, including 12256 new energy vehicles, down 59.2% from the same period last year. Cumulative sales from January to March 2020 were 61273, down 47.9% from the same period last year, including 22192 new energy vehicles, down 69.7% from the same period last year. The decline of new energy vehicles is greater than that of fuel vehicles.

As domestic sales of new energy vehicles plummeted after a sharp decline in subsidies, BYD's main new energy business was also greatly affected. In March 2020, BYD officially launched the lithium iron phosphate "blade battery", which will be used for the first time in the BYD Han model, which will be launched in June this year.

Wang Chuanfu, founder of BYD, said at a press conference on blade batteries today that blade batteries will change the industry's dependence on ternary batteries, put the technical path of power batteries back on track, and redefine safety standards for new energy vehicles. The blade battery will force the whole new energy vehicle to change and put the automobile industry into the fast lane of benign development.

In 2019, BYD's revenue was 127.739 billion yuan, down 1.78% from the same period last year; the net profit belonging to shareholders of listed companies was 1.612 billion yuan, down 42.03% from the same period last year. BYD said the decline was mainly due to industry and policy changes and the impact of rising R & D costs that year.

Affected by the epidemic and stagnant sales of new energy vehicles, BYD's performance is expected to fluctuate sharply in 2020.

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