Chinese electric vehicle (EV) giant BYD expects its net profit for last year to have surged by as much as 86.5% on the previous year, boosted by strong overseas sales and cost cuts.
BYD forecast net profit for last year between $4.04 billion and $4.32 billion, an increase of at least 74.5% from a year earlier, it said in a Shenzhen Stock Exchange filing on Monday.
That growth will come in at a much slower pace than in 2022, when BYD posted a 446% net profit surge to 16.6 billion yuan.
“Despite the fierce competition in the industry, the company has achieved significant improvement in profitability and demonstrated strong resilience,” BYD said.
Also on AF: China Factory Activity Set to Fall Again But at Slower Rate
The results were achieved thanks to factors including its “rapid growth” of overseas sales, scale advantage and cost control ability in the supply chain, the Shenzhen-based company said.
In comparison, Tesla, BYD’s biggest EV rival, reported a 19.4% growth in net profit in 2023 to $15 billion.
In the last quarter of 2023, BYD became the top EV maker by sales, delivering 526,409 vehicles, beating Tesla, which handed over 484,507 cars. For the whole of 2023, the company sold about 3.02 million vehicles, an increase of 61.9%.
In January, BYD unveiled three battery EV models in Indonesia as it eyes the top market position in the segment in Southeast Asia’s biggest economy.
Other than automotive, BYD’s business also includes sales of electronic components for smartphones.
- Reuters with additional editing by Sean O’Meara
Read more:
BYD’s Thai Distributor to Triple EV Outlets as Sales Boom
BYD’s First Vehicle Charter Sets Sail Loaded With 5,000 EVs
EU Investigators in China to Probe EV-Makers BYD, Geely, SAIC
Smaller Profit Margins Help China’s BYD Steal Tesla’s EV Crown
