Warren Buffett-backed BYD posts record quarterly profit as value-for-money EVs prove a hit with Chinese buyers

Name: SCMP
Telephone: +852-2680-8888

The Shenzhen-based carmaker’s profit rose 12-fold to 7.3 billion yuan (US$1.06 billion) in the three months to December, compared with 602 million yuan a year earlier

Quarterly revenue surged 106 per cent to 156.4 billion yuan, buoyed by a 156.7 per cent jump in sales to 683,440 units

Reading Time:2 minutes

Why you can trust SCMP

Visitors view a BYD Dolphin EV car at the 44th Bangkok International Motor Show in Bangkok, Thailand, on March 23, 2023. Photo: Reuters

Daniel Renin Shanghai

Published: 9:36pm, 28 Mar 2023Updated: 1:47pm, 29 Mar 2023

BYD, the world’s largest electric vehicle (EV) maker, posted record quarterly profit as mainland Chinese buyers lapped up its affordable models, lifting earnings 12 times.

The Shenzhen-based company backed by Warren Buffett’s Berkshire Hathaway made a profit of 7.3 billion yuan (US$1.06 billion) in the three months to December, compared with 602 million yuan in the same period a year earlier. The previous profit record of 5.7 billion yuan was set in the third quarter.

The fourth quarter data was calculated by subtracting its full-year earnings of 166.2 billion yuan published on Tuesday from its nine-month results published in late October, according to its filings to the Hong Kong stock exchange.

The company “will accelerate development of more new-energy vehicles for passenger use”, BYD said in a filing on Tuesday. “We will extend our product line to vie for a bigger market share and consolidate our position in the industry.”

BYD electric vehicles (EV) are displayed at a car showroom in Shanghai. Photo: Reuters

Revenue in the quarter jumped 106 per cent to 156.4 billion yuan, buoyed by a 156.7 per cent jump in deliveries, which hit 683,440 units.

Warren Buffett-backed BYD posts record quarterly profit as value-for-money EVs prove a hit with Chinese buyers

The Shenzhen-based carmaker’s profit rose 12-fold to 7.3 billion yuan (US$1.06 billion) in the three months to December, compared with 602 million yuan a year earlier Quarterly revenue surged 106 per cent to 156.4 billion yuan, buoyed by a 156.7 per cent jump in sales to 683,440 units

The Shenzhen-based carmaker’s profit rose 12-fold to 7.3 billion yuan (US$1.06 billion) in the three months to December, compared with 602 million yuan a year earlier

Quarterly revenue surged 106 per cent to 156.4 billion yuan, buoyed by a 156.7 per cent jump in sales to 683,440 units