BYD expects quadrupled net profit in 2022

China's leading new energy vehicle (NEV) manufacturer BYD Company Limited expects to see drastic rises in both revenue growth and net profit in 2022.

The company's 2022 net profit is expected to range from 16 billion yuan (about 2.37 billion U.S. dollars) to 17 billion yuan, an increase of 425.42 percent to 458.26 percent year on year, according to a company report on performance forecast released on Monday.

Its revenue is expected to exceed 420 billion yuan, said the report.

Sales of new energy vehicles recorded strong year-on-year growth in 2022, driving a significant improvement in earnings, while effectively easing cost pressure caused by rising upstream raw material prices, according to the company.

In 2022, BYD sold over 1.86 million new energy vehicles, an increase of 208.64 percent over the previous year, ranking first in global NEV sales.