BYD made a record profit of RMB 16.6 billion ($2.4 billion) in 2022, over five times greater than a year previously, powered by strong sales of its electric vehicles, despite challenges including rising costs of battery materials and the pandemic-related economic slump. Revenue at the Warren Buffett-backed automaker totalled RMB 424 billion, a nearly 100% increase from RMB 216 billion in 2021, as the company commanded roughly a third of the Chinese electric passenger car market last year. Chairman Wang Chuanfu told investors on Wednesday he expects sales of China’s passenger EVs to increase by 59% to 9 million units this year, with the company now pursuing a 40% share of the market. [BYD release]
BYD saw profit rise 446% y-o-y in 2022 after sales surge
