BYD reports surging net profits in 2022

China's leading new energy vehicle (NEV) manufacturer BYD Company Limited on Tuesday reported surges in both revenue and net profits in 2022.

Its net profits stood at 16.62 billion yuan (about 2.4 billion U.S. dollars), up 445.86 percent year on year, according to the company's annual report.

Its revenue soared 96.2 percent to roughly 424 billion yuan last year.

Sales of automobiles and auto products saw strong year-on-year growth in 2022, driving a significant improvement in earnings, according to the company.

The report said BYD ranked first in global NEV sales in 2022. The company had a domestic NEV market share of 27 percent last year, up nearly 10 percentage points from 2021.

In 2022, BYD accelerated the development of its overseas markets, with its new energy passenger cars entering markets like Australia, Japan and Brazil.