Large EV share helps
The Chinese – and now also known in Europe – BYD can look back on an excellent quarter. Compared to a year ago, we record growth figures of more than 400 percent, with a Chinese market share that is particularly impressive in the field of PHEVs and EVs.
BYD closes the quarter with a net profit of almost €540 million. According to the Financial Times that is more than expected and a growth of no less than 411 percent compared to the same quarter last year. Of course there is a big caveat to this, because at the beginning of 2022 China was still in the middle of very strict Covid lockdowns. Nevertheless, the result is impressive, especially since it follows a growth of – still – 400 percent that was achieved as a whole in 2022. If we look at the number of cars sold, then according to Carnewschina there is a 90 percent growth.
The growth is particularly striking because BYD decided about a year ago to stop selling cars with only a combustion engine on board. The numbers are therefore fully achieved with plug-in cars, divided over plug-in hybrids and fully electric cars. According to carnewschina EVs account for almost half of total sales, i.e. 48 percent. In the EV field, BYD has a market share of almost 40 percent in China, good for an absolute number 1 position in this field. By comparison, Tesla has a 17 percent share of the Chinese EV market. When it comes to plug-in hybrids, BYD is relatively better: 62 percent of PHEVs sold in China are said to be BYD products. BYD once started as a battery builder and still supplies batteries to other manufacturers. The company has a share of 17 percent in that market, which is still quite considerable.
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– Thanks for information from Autoweek.nl