Chinese electric vehicle (EV) leader BYD Co Ltd announced a staggering 11-fold increase in its fourth-quarter profits, driven by its expanding product range and growing market share.
Q4 Profits Soar The company reported a net profit of 7.3 billion yuan ($1.06 billion) for the period between October and December, compared to 602 million yuan in the same period the previous year. For the entirety of 2022, net profit surged 446% to 16.6 billion yuan. Warren Buffett's Berkshire Hathaway holds a 12% ownership stake in BYD.
These results were consistent with the company's January forecast.
Outpacing the Competition Thanks to its Dynasty and Ocean series of plug-in hybrids and all-electric vehicles, BYD is on track to surpass Volkswagen as the top-selling passenger car brand in China. BYD claimed the title in February for the second time in four months.
Furthermore, BYD has overtaken Tesla Inc in Chinese EV sales, making up 41% of new energy car sales in the world's largest auto market during the first two months of the year. In comparison, Tesla accounted for just 8%.
In response to waning demand, BYD joined other domestic Chinese automakers in slashing prices for its Song Plus and Seal EVs in March, following Tesla's lead in initiating a price war.
