BYD Doubles Profits In Q3 2020

j

by Kivi

}

11.03.2020

[ad_1]

BYD increased its revenues during the third quarter of 2020 by 41% year-over-year to 44.5 billion yuan ($6.65 billion), which is quite an achievement in this day and age.

Not only that, net income more than doubled compared to the previous year to 1.75 billion yuan ($262 million):

  • Revenues: 44.5 billion yuan ($6.65 billion) – up 41% year-over-year
  • Net income: 1.75 billion yuan ($262 million) – up 118% year-over-year

It’s quite surprising how good the results are, especially since plug-in car sales were falling every month (year-over-year) for 14 consecutive months and only last September brought long-awaited growth.

It seems that BYD’s move to start mass production of masks was an outstanding move (it already helped in H1) and now, as the Chinese EV market returned to growth, things should be even better.

Especially important for BYD is that the company now has its Blade Battery and new BYD Han model in the ramp-up phase.

Once more models with CTP-LFP batteries will come out, BYD has a chance to again sell 20,000+ or even 30,000+ plug-in cars per month. 

An additional branch of potential growth in the future is a partnership with multiple automotive OEMs.

[ad_2]

Source link

Featured

Related Posts

Tesla’s Elon Musk On Overcoming Adversity

[ad_1] This article comes to us courtesy of EVANNEX, which makes and sells aftermarket Tesla accessories. The opinions expressed therein are not necessarily our own at InsideEVs, nor have we been paid by EVANNEX to publish these articles. We find the company's...

read more
Follow Us

Comments

0 Comments

Submit a Comment

Your email address will not be published. Required fields are marked *

Related Posts

Tesla’s Elon Musk On Overcoming Adversity

Tesla’s Elon Musk On Overcoming Adversity

[ad_1] This article comes to us courtesy of EVANNEX, which makes and sells aftermarket Tesla accessories. The opinions expressed therein are not necessarily our own at InsideEVs, nor have we been paid by EVANNEX to publish these articles. We find the company's...

Watch How Police Stop A Tesla Reportedly On Autopilot

Watch How Police Stop A Tesla Reportedly On Autopilot

[ad_1] The video above shows a recent incident when California Highway Patrol had to deal with a Tesla vehicle (Model 3 or Model Y) reportedly driving on Autopilot, with the driving suspected of being under the influence (DUI).. ABC7 Los Angeles reports that the car...