As Bloomberg reported, the Shenzhen-based electric vehicle giant raised its annual car sales target to 4 million unitsMorgan Stanley auto industry analysts led by Tim Hsiao wrote in a note, citing BYD management comments. The previous sales forecast was around 3.6 million units, down 400,000 units.
In China, electric cars and hybrids are selling very well.
The more positive outlook is the result of the growing popularity of electric cars and hybrids, which are sold on a mass scale in China. One reason The growth in consumer sales of electric and hybrid vehicles in China is fueled by an increased government rebate of 20,000 yuan on qualifying models.
New industry data released Monday showed that monthly purchases of so-called new energy vehicles topped 1 million for the first time, solidifying the dominance of eco-friendly cars over cars with combustion engines. The market share of pure electric and hybrid cars in China was 53.8 percent, Bloomberg reported.
425 thousand cars for sale every month
According to Bloomberg, this year BYD sold 2.3 million electric and hybrid vehicleswhich means that in each of the four months left until the end of the year, BYD will have to sell an average of 425,000 cars.
Morgan Stanley analysts also quoted company officials confirming BYD’s export ambitions. According to this information, this year BYD to get new car carrier to boost company’s export expansionBYD currently forecasts that Foreign sales will double to over 450,000 by the end of the year.
