AutoBeta(AutoBeta.net)04/28 Report--

Thanks to the surge in sales of new energy products, BYD increased 5.2 per cent to 117578 vehicles in the first quarter, of which BYD sold 46825 new cars in March, up 8.5 per cent from a year earlier, and sales of new energy vehicles still surpassed those of fuel vehicles.

BYD sold 73172 new energy models from January to March, up 147 per cent from a year earlier, while fuel models sold 44406, down 46 per cent from a year earlier.

BYD, which is betting on pure electric car routes, has opened a fourth all-electric passenger car plant and plans to accelerate capacity expansion at other plants.

On April 25th BYD signed an agreement with the Changzhou municipal government on the construction of a pure electric vehicle and parts factory, with a total investment of 10 billion yuan to build a new energy passenger vehicle and core parts industry park in Changzhou National High-tech Zone. When completed, the plant will have an annual production capacity of 400000 vehicles and produce a total of 10 models of dynasty and e-net series, ranging from mini to large cars.

At present, BYD has built new energy passenger car plants in Shenzhen, Xi'an and Changsha, and Changzhou is the company's fourth production base.

BYD also plans to speed up the construction of pure electric vehicle capacity at other plants, including an investment of 2 billion yuan in Xi'an to increase annual production capacity from the current 100000 to 400000. It also proposes to invest 3 billion yuan in Changsha to increase production capacity from the current 100000 to 300000 by 2020.

Wang Chuanfu said that the successful signing of the Changzhou BYD project will build a BYD passenger car base pattern of "Changzhou in the east, Shenzhen in the south, Xi'an in the northwest and Changsha in the middle."

In addition to the increase in sales of new energy vehicles, BYD's profits have also increased significantly. According to the first-quarter results released by BYD, the operating income in the first quarter was 30.304 billion yuan, up 22.5% from the same period last year; the net profit belonging to shareholders of listed companies was 750 million yuan, up 63.2% from the same period last year.

BYD ranks first with 20% of China's pure electric vehicle market share. With the withdrawal of subsidies, new energy vehicles will also usher in a big test, BYD's rapid expansion, whether it can be fully digested, will have to be decided by the future market.

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