BYD Profit Picture Changes, but Diversification Succeeds Beyond China and Auto

4Q 2018 | IN-5252
BYD sold more than 110,000 New Energy Vehicles (NEVs) in 2017 (about 15% of total sales), generating US$5.7 billion in NEV revenues, a significant portion of total revenue and profits and an increase of nearly 13%. “Significantly reduced” Chinese subsidies impacted recent auto results as China pivots instead to a system of credits. The new subsidy program is expected to provide more support to vehicles with greater range until closure in 2020. The company is rebounding with 75,800 NEV vehicle sales this year through June, an increase of 121% year over year.

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