Tesla isn't the only automaker breaking records and growing by leaps and bounds. Chinese automaker BYD posted record deliveries in 2022, which were also the cause of the company's massive profits that more than quintupled. While Tesla is forcing a price war across the globe, BYD is working to take more of the US company's EV market share.
Tesla CEO Elon Musk has praised China many times in the past, and he has much respect for some of the automakers there. In fact, the outspoken CEO believes some EV makers in China are really Tesla's only true rivals, and he admitted that Tesla and BYD have a positive relationship.
BYD sold an impressive 1.86 million EVs and plug-in hybrid electric vehicles (PHEVs) in 2022, which is more than the previous four years added up. The automaker was also responsible for 30% of all new energy vehicle sales in China for the year.
About half of the vehicles BYD sold in 2022 were fully electric cars. Meanwhile, Tesla delivered 1.31 million fully electric cars across the globe, so more than BYD's EVs, but much fewer than the Chinese rival's new energy vehicle sales in total.
According to data from Bloomberg, which was shared by Autoblog, BYD's net income skyrocketed a whopping 446% for 2022, slightly beating analysts' expectations. The automaker reported a net income of 16.6 billion yuan ($2.4 billion). The analyst consensus was set at 15.98 billion yuan.
BYD put an end to ICE car production last year. It's also beginning to expand its global footprint, with moves into Australia, Denmark, Norway, Thailand, and the UK. Soon, BYD may become a more notable Tesla rival in many areas outside of its home market.
BYD plans to launch new luxury EVs going forward, which should help it grow even more and better compete with Tesla. However, Tesla's price war is having a notable impact in China, along with many markets around the world. This means BYD and other rivals may see smaller margins for 2023.
Autoblog notes that BYD's stock shares were up 1.5% ahead of the company's release of its 2022 results, though, like many stocks in the segment, the shares are down 20% since February 2022. An automotive sales slump in China and the price war have had an impact.
