China’s BYD (Build Your Dreams) Automotive has reported a net profit increase to 3.79 billion yuan (AUD$608 million) for 2009, more than tripling its 2008 figure of 1.02 billion yuan (AUD$164 million).
Domestic sales have skyrocketed for BYD vehicles delivering 450,000 units last year alone. Of those, some 290,000 were BYD’s popular F3 (a Corolla-sized sedan).
BYD says roughly 53 per cent of its revenue was derived from car sales with the brand also manufacturing batteries and mobile phones.
Next year, BYD plans to extend its operations in to North America as it prepares to launch an all-electric crossover vehicle dubbed ‘e6’ (pictured above).
The Chinese manufacturer believes this new model, coupled with the planned export sales of other BYD vehicles, could eventually account for 10 per cent of its business.