BYD forecasts net profit of 29 billion to 31 billion yuan in 2023

Beijing (Gasgoo)- On January 29, BYD Company Limited announced its anticipated performance for the year 2023, forecasting a net profit attributable to shareholders of listed companies in the range of 29 billion to 31 billion yuan, marking a significant 74.46% to 86.49% surge compared to the same period last year. 

SEAL; photo credit: BYD

The expected basic earnings per share are projected to be between 9.98 yuan and 10.67 yuan for the same time span.

In comparison, BYD recorded a net profit of 16.622 billion yuan and basic earnings per share ranging from 9.98 yuan to 10.67 yuan in 2022. 

On the sales front, BYD achieved a milestone by surpassing the 3-million-unit annual new car sales threshold, reaching 3,024,417 units in 2023, which represented a 61.9% year-on-year leap.

Notably, in the fourth quarter of 2023, BYD's pure electric vehicles sales outnumbered Tesla’s 484,500 units to 526,400 units, becoming the global leader in EV sales for the quarter.

Analysts attribute BYD's success to its broader product line and more competitive pricing in the Chinese market. However, for the entire year, Tesla maintains its lead with a total delivery of 1.8086 million vehicles, compared to BYD's 1.5748-million-unit pure electric vehicle sales.