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BYD’s Wang Chuanfu: Our goal is to become China’s largest automaker

The evening of March 28, BYD disclosed 2022 annual report. The announcement shows that BYD 2022 achieved revenue of RMB 424.061 billion, an increase of 96.2%; net profit of RMB 16.622 billion, an increase of 445.86%; basic earnings per share of RMB 5.71; the company intends to pay dividends of RMB 11.42 per 10 shares (including tax).

BYD Chairman Wang Chuanfu said, our goal is to become China’s largest automaker by the end of this year.

In response to the recent price war in the Chinese car market Wang Chuanfu said that the reason for the price war is the contradiction between supply and demand, supply exceeds demand. Some companies are going to be eliminated, and some companies gain greater market share. The market will also enter a phase of elimination in 2023, and if supply exceeds demand, the price war will continue. Wang Chuanfu also said that the price war did have a certain psychological impact on consumers, but I believe the impact will be reduced at the end of April. With the May auto show around the development, the market confidence will also gradually restore. I believe that in May, the Chinese auto market will return to a better growth level.

Wang Chuanfu also said that Chinese auto demand in January and February was slightly weaker year-on-year, but BYD still maintained a strong growth, with sales in January and February increasing by a lot compared to the same period last year, up about 84.2%. Wang Chuanfu said, in a few days, March data will be released, I believe that the first quarter sales will still maintain more than 80% growth rate compared to the same period last year.

Wang Chuanfu said that the Tenshi brand has received more than 50,000 orders, and the luxury brand is targeting the million-dollar segment and has achieved good results despite the “huge challenges” it faces. China’s new energy vehicle market has entered a full expansion phase. Demand for battery storage remains strong, while demand for batteries in consumer products is slowing and global smartphone demand remains sluggish.

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Stephen Cruise
Stephen Cruisehttps://www.techgoing.com
Stephen Cruise is a senior editor covering latest smartphones, EVs, PC gaming, console, and tech with 11 years of experience.

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