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BYD’s annual sales have topped $100bn for the first time, as China’s electric vehicle champion dominates its domestic market and presses ahead with an overseas expansion.
Revenue at the Warren Buffett-backed group rose to Rmb777bn ($107bn) last year, surpassing the Rmb766bn forecast by analysts, on the back of strong demand for plug-in hybrids. BYD’s net income rose 34 per cent to Rmb40bn.
The Chinese company, whose overseas sales rose last year to more than 400,000 vehicles, recently raised almost $6bn to fund expansion plans as it sets its sights on further overseas expansion.
BYD, which accounted for about 16 per cent of cars exported from China in January and February, is building factories in Europe and South America.
The strong numbers come after founder Wang Chuanfu last week unveiled a new battery charging system that would allow customers to charge EVs in five minutes.
Since the start of the year, the Shenzhen-based company has introduced a slew of EV technologies to make its model line-up more attractive, including a so-called God’s Eye advanced driving system.
BYD’s Hong Kong-listed stock closed 3 per cent higher on Monday. The shares have soared more than 50 per cent this year, in stark contrast to a 34 per cent fall for Tesla.
However, BYD’s market capitalisation remains less than one-fifth of its American rival.
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