January 31, 2023

Warren Buffett Backed Chinese EV Player BYD Sees Strong Jump In 2022 Profits

Warren Buffett-backed Chinese EV maker BYD Co, Ltd (OTC: BYDDF) (OTC: BYDDY) expects 2022 net profit of RMB 16 billion – RMB 17 billion ($2.37-$2.52 billion), up by 425.42% – 458.26% year-on-year with annual revenue exceeding RMB 420 billion.
The explosive growth trajectory of the new energy vehicle industry, coupled with a higher share of major overseas customers, led to the forecast.
BYD’s sales of new-energy vehicles climbed to 1.86 million last year from about 604,000 in 2021 despite China’s Covid resurgence.
In January, BYD launched the first of two new luxury electric-vehicle brands it is introducing this year, reflecting its focus on the premium segment.
BYD showcased its U8 sports utility vehicle under the Yangwang brand.
BYD said the SUV would be at the “million yuan” level, making it one of the most expensive EVs in China.
BYD also revealed a luxury electric sports sedan, the U9.
Sales of its Qin and Han sedans, BYD’s best-selling models, increased by 82.6% and 132.2%, respectively, in 2022, while those of Tesla Inc’s (NASDAQ: TSLA) Model 3 fell by 17.5%, Reuters reports citing the China Passenger Car Association.
Price Action: BYDDY shares traded higher by 1.37% at $64.37 on the last check Monday.

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This article originally appeared on Benzinga.com

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