BYD sees a five-fold jump in profits from 2021 to 2022

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BYD sees a five-fold jump in profits from 2021 to 2022 BYD sees a five-fold...

Lionel Kong

03/02/2023

The Chinese EV manufacturer sold 1.86 million cars worldwide in 2022

SHENZHEN, CHINA

Chinese-made cars, especially electric vehicles, are really powering ahead. Since BYD became the world’s biggest seller of full-electric vehicles and plug-in hybrids last year, it also expects its 2022 net profit to see an incredible jump.

There were 1.86 million BYD cars sold worldwide in 2022, which brought the company a net profit of an estimated 16 to 17 billion yuan (US$2.37 to US$2.52 billion). This is in comparison to the much lower three billion yuan net profit of 2021, an exchange filing showed.

BYD is now an EV and battery specialist, and no longer has any fossil-fueled vehicles in production, of which the last ones were made in April 2021.

The Shenzhen based carmaker said in a statement that it had “achieved strong sales growth and significantly improved profitability, effectively relieving the cost pressure brought about by the rising upstream raw material prices.”

Why did this Singaporean ditch his luxury car for a BYD Atto 3?

In China, sales of its Qin and Han EV sedans increased by 83 percent and 132 percent, respectively in 2022, quickly becoming the small and mid-sized sedans of choice for many car buyers there. By comparison, the initial publicity and hype boost enjoyed by Tesla in China seems to be trailing off, with Tesla Model 3 sales falling by 18 percent in the same period.

The BYD Dolphin at Singapore Motorshow 2023

In Singapore, the BYD Atto 3 has been a success story since its launch in mid 2022, and it has also been making waves in Australia.

The BYD Seal at Singapore Motorshow 2023

As seen at the Singapore Motorshow 2023, the BYD Seal and BYD Dolphin EVs could be on sale here by 2024 as well, though it will have to take on competition from cars like the the similarly competent MG4, which is already available.

About the Author

Lionel Kong

An old hand from the bad old days of crazy COEs, the straight-shooting, ex-CarBuyer editor is back in the four-wheeled world. Rumours that he went to another country to start a Judas Priest tribute band are unfounded.

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