BYD posts 11-fold jump in Q4 profit -filing

SHANGHAI/BEIJING (Reuters) -Chinese electric vehicle giant BYD Co (OTC:) Ltd reported an 11-fold increase in fourth-quarter profit as it extended its lead in the domestic market with a wide range of products.    Net profit for October-December came in at 7.3 billion yuan ($1.06 billion) versus 602 million yuan a year earlier.    For the whole of 2022, net profit increased 446% to 16.6 billion yuan, said the company, which is 12% owned by Warren Buffett’s Berkshire Hathaway (NYSE:).    The results were in line with a company forecast published in January.

Bolstered by its Dynasty and Ocean series of plug-in hybrids and pure electric cars, BYD appears set to overtake Volkswagen (ETR:), which was the best-selling passenger car brand in China last year. BYD, however, took that crown in February for the second month in four.

BYD has also surged past Tesla (NASDAQ:) Inc in China EV sales, accounting for 41% of so-called new energy car sales in the world’s biggest auto market for the first two months of the year. Tesla, by contrast, accounted for 8%.

Amid weakening demand, BYD also offered discounts for its Song Plus and Seal EVs in March, joining many other domestic Chinese automakers in a price war that Tesla started. 

($1 = 6.8756 renminbi)