Warren Buffett Backed Chinese EV Player BYD Sees Strong Jump In 2022 Profits

  • Warren Buffett-backed Chinese EV maker BYD Co, Ltd BYDDF BYDDY expects 2022 net profit of RMB 16 billion - RMB 17 billion ($2.37-$2.52 billion), up by 425.42% - 458.26% year-on-year with annual revenue exceeding RMB 420 billion.
  • The explosive growth trajectory of the new energy vehicle industry, coupled with a higher share of major overseas customers, led to the forecast.
  • BYD's sales of new-energy vehicles climbed to 1.86 million last year from about 604,000 in 2021 despite China's Covid resurgence.
  • In January, BYD launched the first of two new luxury electric-vehicle brands it is introducing this year, reflecting its focus on the premium segment.
  • BYD showcased its U8 sports utility vehicle under the Yangwang brand.
  • BYD said the SUV would be at the "million yuan" level, making it one of the most expensive EVs in China. 
  • BYD also revealed a luxury electric sports sedan, the U9.
  • 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 Inc's TSLA Model 3 fell by 17.5%, Reuters reports citing the China Passenger Car Association.
  • Price Action: BYDDY shares traded higher by 1.37% at $64.37 on the last check Monday.
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