BYD NEV sales up 123% in Jan-April period

SHENZHEN - BYD, China's leading new energy vehicle (NEV) manufacturer, reported an annual 123.1 percent growth in NEV sales in the first four months of the year as the market boom continued.

In a filing to the Shenzhen Stock Exchange Friday, BYD said it sold 97,183 NEVs in the January-April period, compared to 43,555 units a year earlier.

The strong growth was primarily fueled by the sales surge in the pure electric passenger vehicles, soaring 461.5 percent to 61,603 units.

In April alone, its NEV sales jumped 72.5 percent to 24,011 units.

Sales of its gasoline-powered vehicles in the four-month period declined 44.9 percent to 58,234 units, with sales in April falling 41 percent to 13,828 units, it said.

In late April, BYD said it was expecting a net profit of 1.45 billion yuan ($213 million) to 1.65 billion yuan in the first half of the year, an annual increase of 202.7 to 244.4 percent, on projected strong NEV sales in the second quarter.

Despite sluggish sales for gasoline-powered vehicles, the NEV market has experienced a boom in China.

During the first quarter, China's NEV production and sales amounted to 304,000 units and 299,000 units respectively, up 102.7 percent and 109.7 percent.