China's new energy vehicle giant BYD has increased by more than four times in 2022. The sales of electric vehicles have reached a high level, and the competition with Tesla's market share has intensified.
Bloomberg quoted the 2022 annual report released by BYD on Tuesday (March 28) that BYD's net profit last year increased by 446%to 16.6 billion yuan (RMB, the same below, about S $ 3.2 billion).This data is higher than the 15.98 billion yuan expected by Bloomberg analysts, and it is consistent with the net profit of 16 billion to 17 billion yuan in the company's performance trailer at the end of January.
Annual report shows that BYD's annual sales of electric and plug -in hybrids last year were 1.86 million, half of which were pure electric vehicles.This sales exceeded the sum of the first four years, accounting for about 30%of China's new energy vehicle sales.In contrast, Tesla delivered 1.31 million electric vehicles.
BYD completely stopped the production of fuel vehicles last year. The new luxury electric vehicles launched this year will help it expand product supply and promote further profit growth.However, analysts also reminded that the continuous price war in the Chinese market may squeeze profit margins.Earlier, Tesla lowered the price of models produced by its Shanghai Super Factory, which triggered a price war in China's new energy vehicle market.
