BYD: Strong Automobile Sales Led to Increased Revenue and Profits in 2023

BYD, a major Chinese electric vehicle manufacturer, is seeing its profits grow as its vehicle sales increase. BYD's automotive-related business recorded sales of 483.5 billion CNY in 2023, up 48.9% from the previous year. The proportion of this figure to total sales is 80.3%, up 3.7 points from 76.6% in 2022. Looking at sales by market (including non-automotive businesses), the Chinese market increased 32.9% year-on-year to 442.1 billion CNY. Due to the expansion of electric vehicle sales in overseas markets, the proportion of the Chinese market in total sales decreased by 5.0 percentage points from 78.4% in the previous year to 73.4%.

Operating profit, which reflects the profits earned from a company's core business, increased 76.9% year-on-year to 38.1 billion CNY in 2023, and the operating profit margin rose 1.2 percentage points to 6.3%.

Additionally, the company is strengthening research and development of products and technologies to secure an advantage in the electric vehicle market. R&D expenses increased by 97.4% year-on-year to 39.92 billion CNY, a new record high.