Shanghai (ZXZC)- BYD's net profit attributable to shareholders for the first quarter is forecasted to stand between RMB50 million to RMB150 million, plunging 79.99% to 93.33% compared to the year-ago period.

The profit down directly resulted from the sales slump during the same period in consequence of the substantial impact on overall automobile demands, which was caused by the coronavirus outbreak and the downward pressure on macro economy, said the automaker.

BYD saw its first-quarter new vehicle sales tumble 47.89% year on year to 61,273 units, including 22,192 NEVs (-69.67%) and 39,081 oil-fueled vehicles (-11.99%). The company stated that the downward pressure on fuel-burning vehicles sales has been somewhat mitigated thanks to the popularity of the BYD Song Pro.

Moreover, “as for the handset components and assembly unit, BYD is proactively expanding businesses and deepening the cooperation with clients, and has gained some achievements with stable development. The resilient revenue is expected for the photovoltaic business, which is benefiting from the growth in overseas markets,” said BYD.

Automakers in China sold 56,410 locally-produced new energy PVs (NEPVs) in March, a year-on-year decline of 49%. Of those, the wholesales of BEVs sharply dipped 47% to 47,199 units, while the PHEV sales dwindled 58% to 9,211 units, according to Cui Dongshu, secretary general of the China Passenger Car Association (CPCA).

BYD has three models listed on the top 10 China-built NEPV models by March wholesale volume. The Tesla Model 3 was crowned the champion with a sales volume of 10,160 units, outnumbering the second runner-up BYD Qin EV by nearly 5,000 units.

The BYD Han EV full-sized sedan formally rolled off the production line on April 10, touting the equipment of BYD's “blade battery”, a new type of new lithium iron phosphate battery (LFP battery), and the upcoming “DiPilot” intelligent driving system (photo source: BYD).