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Manila Bulletin devider Business devider Trade & Industry devider Chinese EV giant BYD expects record net profit for 2023

Chinese EV giant BYD expects record net profit for 2023

Published Jan 30, 2024 04:20 am

BEIJING, China (AFP) -- Chinese electric vehicle giant BYD, the world leader in the sector, said its net profits soared in 2023, and expects the final figure to hit a new record, according to preliminary results released Monday.

The group said in an earnings preview that it expects net profit for last year to fall between 29 and 31 billion yuan ($4.1 to 4.4 billion dollars) -- an increase of between 74.5 and 86.5 percent as compared with the year before, the company said.

BYD is expected to publish final figures in the coming weeks.

The Shenzhen-based company overtook Elon Musk's Tesla in the fourth quarter of 2023 to become the world's top seller of electric vehicles.

BYD ("Build Your Dreams"), which began in 1995 as a battery manufacturer before pivoting in the early 2000s to hybrid and all-electric vehicles, has capitalized on Beijing's strong government support for the burgeoning sector.

Despite losing its quarterly sales crown, Tesla was still on top on an annual basis, delivering more than 1.8 million EVs to customers in the year to December, up 38 percent.

This was well above BYD's sales figure of just under 1.6 million, which represented a 73 percent year-on-year increase.

BYD sells its vehicles in nearly 60 countries, notably in Europe.

Last year, it became the first company to pass the symbolic mark of five million hybrids and all-electric vehicles produced.

BYD also provides batteries to the world's top automakers, including Tesla, BMW, Mercedes and Audi.

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