Posted on 08 Feb 2023
Chinese automaker BYD Co, the world's leading New Energy Vehicle (NEV) manufacturer, predicts that its net profits in 2022 rocketed by 425%-458% on year to reach Yuan 16-17 billion ($2.4-2.5 billion), thanks to a surge in sales of electric and plug-in hybrid vehicles, it said in a forecast report on its performance for last year.
The Shenzhen-based NEV giant, backed by Warren Buffet, said in the report that "it had achieved a strong on-year growth in NEV sales (in 2022) and improved its profitability greatly after overcoming complex external environment and various unexpected difficulties."
The company also effectively relieved some cost pressure "caused by rising upstream raw material prices," it added.
In 2022, BYD sold more than 1.86 million NEVs, higher by around 2.1 times from 2021, according to the company.
The result showed that BYD beat Tesla in terms of total NEVs delivered last year, as the latter sold 1.31 million units for 2022, or up 40% on year.
For the first month of this year, BYD says its NEV sales reached 151,341 units, higher by a large 62.4% than the same period last year.
Source:Mysteel Global
