BYD, the world’s largest EV builder, expects to report fourth quarter earnings roughly 10 times higher than a year ago as sales surge
- In the fourth quarter, BYD’s sales of pure electric and plug-in hybrid cars surged 157 per cent from a year earlier to 683,440 units
- BYD estimated that its full-year net profit for 2022 could surge by more than five times to as high as 17 billion yuan
The Shenzhen-based company backed by Warren Buffett’s Berkshire Hathaway expects profit for the October to December quarter to be between 6.7 billion yuan (US$992.4 million) and 7.7 billion yuan, compared with 602 million yuan in the same period a year ago. That would translate into a 10 to 13 times increase.
The fourth quarter data is derived by comparing its full-year earnings estimate of between 16 billion yuan and 17 billion yuan on Monday and its nine-month results published in late October, according to its Hong Kong stock exchange filings.
“We maintained high growth momentum [in the fourth quarter],” BYD said in the statement. “The company, as the bellwether new-energy vehicle (NEV) maker, overcame various unexpected difficulties and managed to post a huge year-on-year delivery increase.”
In the fourth quarter, BYD’s sales of pure electric and plug-in hybrid cars surged 156.7 per cent from a year earlier to 683,440 units, 26.9 per cent higher than its delivery number in the third quarter of 2022.
BYD estimated that its full-year net profit for 2022 could surge by up to 458.3 per cent year on year to 17 billion yuan. Meanwhile, 2022 revenue is expected to top 420 billion yuan, nearly double the year-earlier figure of 216 billion yuan, according to the filing.