BYD's net profit for the full year 2022 was up 445.86 percent year-on-year to RMB 16.6 billion.
BYD (OTCMKTS: BYDDY) reported a more than 10-fold year-on-year increase in net profit in the fourth quarter, as its new energy vehicle (NEV) sales grew significantly.
The largest Chinese maker of NEVs reported net income attributable to shareholders of RMB 7.3 billion ($1.06 billion) in the fourth quarter, up 1114.29 percent year-on-year and up 27.89 percent from the third quarter.
BYD's revenue in the fourth quarter was RMB 156.4 billion, up 120.39 percent year-on-year and 33.56 percent from the third quarter, according to its financial report released today.
In the fourth quarter, BYD sold 683,440 NEVs, up 156.74 percent year-on-year and 26.87 percent from the third quarter, according to its previously announced data.
On January 30, BYD said in an earnings preview that it expects full-year 2022 net profit of RMB 16 billion to RMB 17 billion. This means that the company then expected a net profit of RMB 6.7 billion to RMB 7.7 billion for the fourth quarter.
For the full year 2022, BYD's revenue was RMB 424 billion, up 96.20 percent year-on-year, according to its financial report announced today.
Its net profit attributable to shareholders in 2022 was RMB 16.6 billion, up 445.86 percent year-on-year.
The company's basic earnings per share in 2022 will be RMB 5.71, up 438.68 percent year-on-year.
BYD's main business includes NEVs, cell phone components, secondary rechargeable batteries and photovoltaic business, with the automotive business contributing RMB 324.7 billion, or 76.6 percent, of revenue in 2022. The business saw a 151.78 percent year-on-year growth in 2022.
Its cell phone parts, assembly and other products business generated revenues of about RMB 98.8 billion, up 14.3 percent year-on-year, contributing 23.3 percent of total revenue.
($1 = RMB 6.8765)
The post BYD's Q4 net profit up over 10 times year-on-year to $1.06 billion appeared first on CnEVPost.
For more articles, please visit CnEVPost.
Used EV shoppers don't have to worry too much about battery degradation eroding range, according to a new study from Recurrent, which sells battery health reports for used EVs. "Used EV shoppers worry that the car battery will degrade quickly like a mobile phone battery, and not be able to hold a charge within a few years," Liz Najman, lead... 
Lucid has used an over-the-air (OTA) update to its flagship Air electric sedans to figure out which vehicles are affected by a recall issue, the company reported in documents filed with the federal government and posted earlier this week. The recall of an estimated 259 Lucid Air luxury EVs from model years 2022 and 2023 involves replacement of... 
