BYD Records Net Profit Of RM10.6 Billion In 2022, Up 403% Over 2021; targets sales of 3.6 million units by 2023 –

Chinese automaker BYD has released its financial report for 2022, revealing that it reached US$61.4 billion (RM270.6 billion) in operating income last year and achieved a net profit of US$2.4 billion (RM10.6 billion), which is a 403% increase on his net profit in 2021, Chinese car news informed.

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

BYD founder and CEO Wang Chuanfu announced that the automaker is confident it will sell three million new energy vehicles (NEVs) in 2023, yet it aims to sell 3.6 million units this year, which would double the sales volume it achieved in 2022. BYD succeeds in doing so, it will become the best-selling Chinese automaker by the end of this year, Chinese car news informed.

After BYD’s first target of selling 3.6 million vehicles by 2023, its second target is to overtake Volkswagen to become the top-selling automaker in the Chinese market this year, the report added.

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

Plans for the Denza brand were also unveiled, with the company anticipating selling 20,000 units a month, spread evenly across Denza D9 MPV and the SUV N7.

According to the report, BYD’s total revenue from new energy subsidies last year was around US$1.5 billion (RM6.6 billion) or 62% of its annual profit. Other EV makers in China have also received significant subsidies, with the report quoting analysts as saying that Tesla could receive US$500 million (RM2.2 billion) in China for the full year of 2022.

The latest battery EV officially unveiled by BYD is the Seagullwhich is priced in China between 80,000 yuan and 100,000 yuan or between RM51k and RM64k.

Meanwhile for the Malaysian markethe Dolphin and the Seal are scheduled for their respective launches in Malaysia in the fourth quarter of this year. These will follow the Act 3what was it released in malaysia in December 2022.

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