Chinese electric vehicle giant BYD posted an 11-fold leap in its fourth-quarter profit as it reinforced 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.
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, 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 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.
- Reuters with additional editing by Sean O’Meara