Chinese automaker BYD posted a profit of CNY 7.3 billion in the fourth quarter of 2022, up from CNY 602 million a year ago. Sales were 156.4 billion CNY, the previous year’s figure was 42.50 billion CNY.
In 2022 as a whole, the Tesla competitor earned a whopping CNY 16.62 billion, the equivalent of around $ 2.42 billion. In the previous year, the bottom line was 3.05 billion CNY. At the same time, the successful Chinese group had sales of CNY 424.06 billion in the 2022 financial year and thus improved significantly on the revenue side compared to the previous year: In 2021, the company had generated revenue of CNY 216.14 billion.
The gross profit margin for automobiles and related products, which accounted for 77 percent of BYD’s sales in 2022, rose to 20.4 percent, well above the margin of 3.7 percent in 2021.
The company’s sales figures were already known in advance: Last year, BYD delivered around 1.86 million vehicles to its home market, more cars than its US rival Tesla – not just pure electric cars, but also hybrid models. According to Reuters, BYD sold five times as many cars in China in the first two months of 2023 as the group Elon Musk. Since the beginning of the year, however, the Chinese vehicle manufacturer has slowed down production.
Nevertheless, as part of the balance sheet presentation, BYD assumes that the strong growth in sales of new energy vehicles will continue in 2023. It will “accelerate the development of more vehicles with new energy for passenger transport,” said BYD on Tuesday evening. “We will expand our product line to gain greater market share and solidify our position in the industry.”
BYD shares are temporarily up 2.46 percent on the Hong Kong home exchange at 216.60 CNY.
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