Chinese EV giant BYD set for surge in 2022 profit as sales jump (updated)

Byd Electronic (International)

30/01/2023 13:27

(Writes through with detail, context)
       Jan 30 (Reuters) - China's BYD Co  1211.HK , the world's
biggest seller of battery electric vehicles (BEVs) and plug-in
hybrids, expects its 2022 net profit to be more than five times
the amount it booked a year earlier, it said on Monday.
    With sales of 1.86 million cars, it expects a net profit of
16-17 billion yuan ($2.37-$2.52 billion) versus 3 billion in
2021, an exchange filing showed.
    The company said it had it achieved strong sales growth and
significantly improved profitability and had "effectively
relieved the cost pressure brought about by the rising upstream 
raw material prices".
    The Shenzhen-based automaker stopped producing combustion
engine vehicles last April. 
    Sales of its Qin and Han sedans, BYD's best-selling models,
increased by 82.6% and 132.2%, respectively, in 2022, while
those of Tesla's Model 3 fell by 17.5%, according to the China
Passenger Car Association. 
    BYD still trails Tesla  TSLA.O  in terms of global sales of
fully electric cars by almost 400,000 units, though the Chinese
company is planning to ramp up sales quickly at home and abroad
with its new series of BEV products such as its Seal model.
    ($1 = 6.7498 Chinese yuan renminbi)
 (Reporting by Zhang Yan, Brenda Goh and Hong Kong newsroom;
editing by Jason Neely)
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