Chinese EV maker BYD Co Ltd BYDDY BYDDF expects net profit attributable to shareholders for financial year 2023 to be at least 74.5% higher as compared to the year before.
What Happened: The EV maker, backed by Warren Buffett‘s Berkshire Hathaway, said on Monday that it expects a net profit attributable of between 29,000 million yuan ($4,086.8 million) and 31,000 million yuan ($4,368.7 million) for 2023 as a result of increased sales volume.
The company further sees basic earnings per share of between 9.98 yuan ($1.41) per share and 10.67 yuan ($1.50) per share, as compared to the 5.71 yuan ($0.80) basic EPS reported in FY22.
The company pegged the higher estimates to rapid growth in sales volume in 2023 even amidst a highly competitive EV market.
See Also: Best Electric Vehicle Stocks
Why It Matters: In the fourth quarter, BYD took over Tesla as the biggest battery electric vehicle (BEV) seller with 526,000 units. Tesla sold only about 485,000 vehicles in the quarter.
Further, unlike Tesla which sells only battery electric vehicles, BYD also makes plug-in hybrid vehicles.
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