China’s BYD Says 2022 Income Rose as High as $2.5 Billion
- New electric vehicle sales surged last year to 1.86 million
- Foray into luxury cars expected to boost future earnings
The taillight of a BYD Co. Atto 3 electric vehicle.
Photographer: Anindito Mukherjee/BloombergThis article is for subscribers only.
Chinese electric-vehicle giant BYD Co. said net income reached as high as 17 billion yuan ($2.5 billion) last year, an increase of as much as 458% from 2021, according to a preliminary filing to the Shenzhen Stock Exchange on Monday.
That’s much higher than predicted by analysts, who on average forecast net income of 13.2 billion yuan. They expect revenue for the Warren Buffett-backed company to almost double to 400 billion yuan. BYD said revenue likely exceeded 420 billion yuan.