The Chinese EV brand is now looking to both expand its presence in newer markets & also introduce more luxury EVs
Chinese EV maker BYD has quintupled its profits from last year, selling a record number of electric vehicles, even surpassing Tesla.
Reports state that BYD’s net income in 2022 increased by 446% to 16.6 billion yuan ($2.4 billion), slightly more than the predicted 15.98 billion yuan by Bloomberg’s data.
BYD registered 1.86 million electric & plug-in hybrid vehicle sales last year, which was more than its previous 4-years of sales combined. Reports also stated that 30% of the sales came from its home market in China. Also, half of the total sales for BYD came from BEVs. In comparison, the company’s main rival, Tesla, registered 1.31 million EV sales last year.
The Chinese EV brand is now looking to both expand its presence in newer markets & also introduce more luxury EVs which will further help increase its earnings growth. BYD is looking to enter markets like Norway, Denmark, the UK, Thailand and Australia in the near future.
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