It announced a huge dividend increase in the fourth quarter.
BYD seemed unfazed by Tesla's dramatic price cut at the start of the year, as it reported an 11-fold increase in profits in the fourth quarter year over year.
Tesla is the clear leader in electric vehicles in the Western world, but this is not the case in the East.
- Homegrown Chinese brand BYD has quickly overtaken Tesla in electric vehicle sales and is now challenging longtime flagship Volkswagen for overall regional dominance.
- The company reported this morning that it's closer than ever to achieving that dominance, posting an 11-fold increase in net profit for the fourth quarter year-over-year.
- The Chinese automaker, which derives just over three-quarters of its income from its auto industry, enjoyed a boom during the fourth quarter of 2022, propelling its net profit to new highs, according to a report provided by BYD this morning.
- BYD achieved a net profit of $1.06 billion during the fourth quarter, up from just $87.4 million during the fourth quarter of the previous year, an increase of 1,112.62%.
- BYD car sales were the most important success of the Chinese group.
- Over the past four months, Volkswagen has surpassed the market leader in terms of overall sales.
- During the first two months of this year, its electric vehicle sales accounted for 41% of China's electric vehicle market or the "new energy vehicle" market.
- Together with the phenomenal sales growth, BYD also set a record profit margin of 20.4%, a considerable increase since 2021.
- BYD has experienced tremendous success with its LFP Blade battery, which now represents 17.6% of the global LFP battery market, in addition to auto sales.