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In recent news, Chinese electric vehicle powerhouse BYD surpassed predictions with a remarkable 29 percent increase in its annual sales. This impressive growth is largely attributed to a robust demand for plug-in hybrids within China’s domestic market.
The company’s revenue, supported by Warren Buffett’s investment, climbed to an impressive Rmb777 billion (equivalent to $107 billion), crossing the $100 billion mark for the first time ever. Bloomberg analysts had initially projected this figure to be around Rmb766 billion.
Additionally, expanding exports contributed significantly to BYD’s sales momentum, with net income rising by 34 percent, reaching Rmb40 billion. In its global endeavors, the company’s overseas sales surged last year, exceeding 400,000 vehicles. To fuel further growth, BYD recently secured nearly $6 billion to support its expansion aspirations abroad.
At the start of 2023, BYD accounted for roughly 16 percent of Chinese vehicle exports during January and February. As part of its global strategy, the company is constructing manufacturing plants in Europe and South America.
These robust figures follow an exciting announcement by BYD founder Wang Chuanfu, who recently introduced a cutting-edge battery charging technology that can enable electric vehicles to be charged in just five minutes.
In a bid to make its lineup more appealing, the Shenzhen-based firm has launched several new EV technologies this year, featuring a state-of-the-art driving system dubbed “God’s Eye.”
On Monday, shares of BYD, listed on the Hong Kong stock exchange, closed with a 3 percent uptick. This year, the stock has surged more than 50 percent, a sharp contrast to the 34 percent decline experienced by Tesla. Despite this rapid growth, BYD’s market capitalization still falls short, standing at less than one-fifth of its American competitor.
