By PANG Yu
Chinese automaker BYD has released its forecast for the first half of 2023 and business could hardly be better.
The name on everyone's lips in the EV marketplace, not least because of unusual activity by Warren Buffet, expects a profit in H1 of at least 10.5 billion yuan (US$1.5 billion), around three times the amount made this time last year.
Growth is not just down to the rapid expansion of the EV industry, but the skill with which the company is navigating the treacherous landscape. BYD’s net profit for the entire year could easily reach 25 billion yuan.
BYD, the first carmaker in the world to sell a million EVs is a very well-established business, founded in 2003. The company was making EVs long before current startups had seen the light of day. The brand is a household name in China. Costs are long since under control, and falling raw material prices have contributed to its profitability. BYD’s sales reached 253,000 in June, with a total of 1.3 million vehicles sold this year already.
The company’s market share in China’s overall automotive market stands at 10.6 percent, while its share in the EV market is around 33.5 percent. BYD’s overseas performance is more than positive, with sales of EVs outside China doubling in the first half.
