Chinese electric vehicle giant BYD Co Ltd reported an 11-fold increase in fourth-quarter profit as it extended its lead in the domestic market with a wide range of products.
A BYD Seal electric vehicle is displayed at a car dealership in Shanghai, China, February 3, 2023. REUTERS/Aly Songreported an 11-fold increase in fourth-quarter profit as it extended its lead in the domestic market with a wide range of products.For the whole of 2022, net profit increased 446% to 16.
, which was the best-selling passenger car brand in China last year. BYD, however, took that crown in February for the second month in four.in China EV sales, accounting for 41% of so-called new energy car sales in the world's biggest auto market for the first two months of the year. Tesla, by contrast, accounted for 8%.
Despite challenges of shrinking demand in 2023, BYD said in the annual report that it expects new energy vehicle sales to continue strong growth momentum and its penetration rate to largely increase. But the Chinese EV giant has been slowing output since the start of the year when industry-wide sales began to slow and China ended a national subsidy programme for EVs and plug-in electric vehicles.at two auto assembly plants in Shenzhen and Xian in China making its top-selling models including the Song and Qin EVs, Reuters reported last week.
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