Investing
BYD posts 11-fold jump in Q4 profit -filing
© Reuters. FILE PHOTO: A BYD Seal electric vehicle (EV) is displayed at a car dealership in Shanghai, China, February 3, 2023. REUTERS/Aly Song
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)
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