Mar 30, 2021 - 12:40 pm

BYD annual profit climbs by 162%

BYD has presented its business figures for 2020. Sales rose by 22.6 per cent year-on-year to the equivalent of around 20.3 billion euros, while profits climbed by 162.3 per cent to around 550 million euros.

BYD explains the profit growth with an “improvement in overall operational efficiency” and new products. The automotive division contributed 10.9 billion euros, about half of the group’s turnover. As a look at production and deliveries shows, however, the Chinese company was able to make profits above all in the combustion model segment.

BYD produced a total of 431,954 vehicles in 2020, a decline of five per cent compared to the previous year. BYD’s car sales fell 3.6 per cent to 394,608 units, with buses and trucks accounting for the rest. The decline was due to a 12.5 per cent drop in sales of electric cars and plug-in hybrids to 162,893 units, while sales of BYD’s internal combustion models rose 3.8 per cent to 231,715 vehicles.

While BYD builds and sells its electric buses worldwide, its passenger cars are currently available mainly in China. Currently, however, the group is also working on its expansion into Europe: after a test last year, more examples of the Tang EV electric SUV are to be sold in Norway. According to rumours, BYD is also preparing to sell the Han EV electric limousine in Europe. In addition, a new BEV platform is to be presented in 2021.

gasgoo.comreuters.com

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Found on electrive.com
https://www.electrive.com/2021/03/30/byd-annual-profit-climbs-by-162/
30.03.2021 12:24