The Chinese electric car manufacturer BYD increased its net profit more than fivefold last year given the high demand for more climate-friendly cars. As the company announced on Tuesday, the bottom line for 2022 was a profit of 16.6 billion yuan (around 2.2 billion euros) – after three billion yuan in the previous year.
CEO Wang Chuanfu (56) almost doubled sales last year to a good 216 billion yuan.
The company is the market leader in its own country in the field of electromobility. Originally, BYD (“Build Your Dreams”) specialized in the production of batteries, before the company also became active in the automotive sector from 2003. Last year, BYD finally stopped producing combustion engines and from then on focused exclusively on electric and hybrid vehicles.
Also in China the demand for more climate-friendly vehicles is currently increasing enormously. Sales of hybrid and electric cars doubled last year, and this area now accounts for a quarter of sales.