BYD reportedly said it expected net profit in 2023 to have risen by as much as 86.5% on the previous year, buoyed by strong sales and cost cuts.

According to Reuters, a Shenzhen Stock Exchange filing said BYD forecast net profit for last year between CNY29bn and CNY31bn (US$4.04bn-$4.32bn), an increase of 74.46-86.49% from a year earlier.

But that growth would come in at a much slower pace than in 2022 when BYD posted a 446% net profit surge to CNY16.6bn.

“Despite the fierce competition in the industry, the company has achieved significant improvement in profitability and demonstrated strong resilience,” Reuters quoted BYD as saying.

The results were achieved thanks to factors including its “rapid growth” of overseas sales, scale advantage and cost control ability in the supply chain, the Shenzhen-based company reportedly said.

For comparison, Tesla, BYD’s biggest EV rival, reported a 19.4% growth in net profit in 2023 to $15bn, Reuters noted.

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Battle will continue. In the last quarter of 2023, BYD became the top EV maker by unit sales, delivering 526,409 vehicles, beating Tesla which handed over 484,507 cars. For the whole of 2023, the company sold about 3.02mn vehicles, an increase of 61.9%, Reuters reported.