BYD (OTCMKTS: BYDDF) expects its net profit to grow strongly in 2023, with record sales of its NEVs (NEVs).

BYD’s net profit attributable to shareholders is expected to be between RMB 29 billion ($4 billion) and RMB 31 billion in 2023, up 74.46 percent to 86.49 percent year-on-year, according to its earnings preview released today.

After non-recurring gains and losses, BYD expects its net profit in 2023 to be RMB 27.4 billion to RMB 29.7 billion, up 75.22 percent to 89.92 percent year-on-year.

BYD expects its basic earnings per share to be RMB 9.98 to RMB 10.67 in 2023, up 74.78 percent to 86.87 percent from RMB 5.71 in 2022.

BYD’s net profit for the first three quarters of 2023 was about RMB 21.4 billion, and net profit after non-recurring gains and losses was RMB 19.3 billion.

Its earnings preview implies a net profit of RMB 7.6 billion to RMB 9.6 billion for the fourth quarter, up 3.97 percent to 31.33 percent year-on-year, but down from RMB 10.4 billion in the third quarter.

After non-recurring gains and losses, BYD’s net profit is expected to be RMB 8.1 billion to RMB 10.4 billion.

The NEV industry continues to grow at a high rate in 2023, with the company’s NEV sales hitting a new record high, further consolidating its position as the world’s No. 1 seller of NEVs, BYD said.

Despite more intense competition in the industry, BYD has demonstrated strong resilience by realizing a significant improvement in earnings with its improved brand power, rapid growth in overseas sales, continuously expanding scale advantage and strong industrial chain cost control capability, it said.

($1 = RMB 7.1815)