BYD net profit soars by over 80 pct in 2023

China's leading new energy vehicle (NEV) manufacturer BYD Company Limited recorded a net profit of 30.04 billion yuan (about 4.23 billion U.S. dollars) in 2023, up 80.72 percent year on year, the company said.

According to the company's annual report, BYD generated revenue of 602.32 billion yuan in 2023, an increase of 42.04 percent year on year. Its research and development expenses amounted to 39.58 billion yuan in 2023, up 112.15 percent year on year.

In 2023, BYD's annual NEV sales volume exceeded 3.02 million -- which once again ranked first in global NEV sales.

BYD's overseas revenue amounted to 160.22 billion yuan last year, an increase of 75.2 percent year on year. The company's overseas revenue accounted for 26.6 percent of its total revenue in 2023, up 5.03 percentage points compared with 2022.

Currently, BYD has entered markets in 78 countries and regions around the world, and invested and built factories in countries including Brazil, Hungary and Thailand.