BYD’s Net Income Jumps More Than 400% as EV Shift Takes Hold

BYD sold 1.86 million electric and plug-in hybrids in 2022, more than the previous four years combined. Photo: Bloomberg

(Bloomberg) — BYD Co. Ltd.’s profit more than quintupled last year after the Chinese automaker sold a record number of electric vehicles (EVs) and stepped up its battle with Tesla Inc. for market share.

Net income soared 446% to 16.6 billion yuan ($2.4 billion), the company said Tuesday, in line with the 16 billion to 17 billion yuan preliminary profit it reported on Jan. 30. Analysts had projected 16 billion yuan, according to data compiled by Bloomberg.