BYD recorded a net profit of RM10.6 billion in 2022, up 403% compared to 2021; Set sales target of 3.6 million units for 2023

news7g04/04/2023

2 1 minute read

BYD recorded a net profit of RM10.6 billion in 2022, up 403% compared to 2021; Set sales target of 3.6 million units for 2023

Chinese manufacturer BYD has released its financial statements for 2022, revealing that it posted US$61.4 billion (RM270.6 billion) in operating income last year and achieved a net profit of 2 US$0.4 billion (RM10.6 billion). 403% increase in net profit in 2021, China Automotive News report.

The automaker sold 1.85 million vehicles in 2022, of which nearly half (49.5%) were all-electric and 50.5% were plug-in hybrids; BYD stop production of fully ICE-powered models in April last year. Of these, 97% of its cars are sold in China, with an average per vehicle of around US$24,000 (RM105,806) and an average profit per vehicle of around $1,200. (RM5,290), according to reports. .

BYD founder and CEO Wang Chuanfu announced that the manufacturer is certain to sell 3 million new energy vehicles (NEVs) by 2023, however it aims to sell 3.6 million units in the year. now, which will double the sales achieved by 2022. BYD succeeds in this, it will become China’s best-selling automaker by the end of this year, China Automotive News report.

After BYD’s first goal of selling 3.6 million vehicles by 2023, BYD’s second goal is to overtake Volkswagen as the best-selling car company in the Chinese market this year, the report said. added.

The Seagull (above) is the latest to emerge from BYD; the company plans to sell 10,000 Denza D9 and Denza N7 units per year this year (row below)

Plans for the Denza brand were also revealed, and the company plans to sell 20,000 units per month, divided equally between MPV Denza D9 and SUV N7.

According to the report, BYD’s total revenue from new energy subsidies last year was about US$1.5 billion (RM6.6 billion) or 62% of annual profits. Other electric vehicle manufacturers in China have also received significant subsidies, and the report cites analysts as saying that Tesla could receive US$500 million (RM2.2 billion) in China. National for the whole year 2022.

The latest EV battery officially announced by BYD is gullsprices in China range from 80,000 yuan to 100,000 yuan or from RM51k to RM64k.

Meanwhile for Malaysian marketthe dolphin and Seal are set to launch their respective in Malaysia in the fourth quarter of this year. These will follow Atto 3which launched in Malaysia in December 2022.