China EV Giant BYD Records 11-Fold Q4 Profit Jump

BYD has joined many other Chinese brands in a price war started by Tesla.

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.

Also on AF: US, Japan Set to Sign Trade Deal on EV Battery Minerals

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

BYD Won’t Consider UK for Europe EV Plant Due to Brexit – FT

Buffett’s Berkshire Sells Another $139 Million BYD Shares

BYD to Build $1.2 Billion EV Battery Plant in Zhengzhou

Sean O'Meara

Sean O'Meara is an Editor at Asia Financial. He has been a newspaper man for more than 30 years, working at local, regional and national titles in the UK as a writer, sub-editor, page designer and print editor. A football, cricket and rugby fan, he has a particular interest in sports finance.