BUSINESS BYD expects quadrupled 2022 net profit


BYD expects quadrupled 2022 net profit


16:46, January 31, 2023

SHENZHEN, Jan. 31 (Xinhua) -- China's leading new energy vehicle (NEV) manufacturer BYD Company Limited expects to see drastic rises in both revenue growth and net profit in 2022.

Workers work on the assembly line at a factory of vehicle manufacturer BYD Auto in Xi'an, northwest China's Shaanxi Province, Feb. 25, 2020. (Photo: Xinhua)

The company's 2022 net profit is expected to range from 16 billion yuan (about 2.37 billion U.S. dollars) to 17 billion yuan, an increase of 425.42 percent to 458.26 percent year on year, according to a company report on performance forecast released on Monday.

Its revenue is expected to exceed 420 billion yuan, said the report.

Sales of new energy vehicles recorded strong year-on-year growth in 2022, driving a significant improvement in earnings, while effectively easing cost pressure caused by rising upstream raw material prices, according to the company.

In 2022, BYD sold over 1.86 million new energy vehicles, an increase of 208.64 percent over the previous year, ranking first in global NEV sales.

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