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"the goal is to become China's number one carmaker by the end of 2023," Wang Chuanfu, BYD's chairman, said at a results conference on March 29. He also said that although Chinese car demand was slightly weaker in the first quarter than a year earlier, BYD's sales would continue to grow by more than 80% compared with the same period last year.

On March 29, BYD announced its 2022 results. According to the financial report, BYD achieved an operating income of 424.061 billion yuan in 2022, an increase of 96.2% over the same period last year. The net profit belonging to shareholders of listed companies was 16.622 billion yuan, an increase of 445.86% over the same period last year.

It should be noted that BYD's profit comes not only from the car business, but also from the mobile phone parts and assembly business, rechargeable batteries and photovoltaic, but the car business is the source of BYD's profit growth. Over the past year, China's automobile industry has encountered multiple challenges, such as a structural shortage of chips, high prices of raw materials, a slowdown in the pace of car supply, and a downturn in car consumer demand. Car sales for the whole year increased by only 2.1% compared with the same period last year. However, new energy vehicles broke out against the backdrop, with year-on-year sales growth of 90.0%. As the leader of the new energy automobile industry, BYD has become the biggest winner.

In April 2022, BYD announced that it would officially stop production of fuel-fueled vehicles and focus on pure electric and plug-in hybrid vehicles in the future. Cui Dongshu, secretary general of the Federation of passengers, said that with the technological breakthrough of blade battery and DMI hybrid technology, coupled with its strong ability of vertical integration, BYD's move will accelerate the effective replacement of international brand fuel vehicles.

According to the CAC data, BYD sold 1.805 million narrow passenger cars in 2022, an increase of 149.4% over the same period last year, surpassing FAW-Volkswagen as the top seller in the domestic passenger car market, which sold 1.779 million vehicles in 2022, basically the same as in 2021. In addition, with its outstanding sales performance, BYD beat Tesla (1.31 million vehicles sold in 2022) to become the top seller of new energy vehicles in the world. Prior to this, Tesla has been the top seller of new energy vehicles in the world for three consecutive years.

Earlier, it was reported that BYD Chairman Wang Chuanfu put forward BYD's goal of selling 4 million vehicles by 2023, but BYD did not give a definite response. Analysts believe that BYD's sales are expected to reach 3.5 million in 2023, or surpass Volkswagen to become the first independent brand in history to win the top spot in the domestic market.

At the results conference in 2023, BYD aims to double its sales target of 3 million vehicles to 3.6 million, but even so, BYD is still a long way from being the largest carmaker in China. In terms of sales volume, the top three Chinese automakers in 2022 are SAIC, FAW and Dongfeng Automobile Group respectively. Among them, SAIC accumulated wholesale sales of 5.303 million vehicles in 2022, down 3.2% from the same period last year, but it has ranked first in domestic automobile group sales for 17 years in a row. According to BYD's estimate of 3 million vehicles, it will be difficult for BYD to hit the top spot in domestic car sales by the end of this year, even without taking into account the growth space of other car companies.

According to the plan, in addition to Qin PLUS, Han EV and Tang DM-i, BYD Dynasty will launch all-Singapore Pro and a new MPV model this year, while Ocean net will continue to add frigates 05, destroyers 07, seagulls and sea lions, and Teng Teng, F brand, and look up will also focus on landing new cars, of which Tengli will launch two SUV models, including Tencent N7 and Teng Teng N8.

In addition, BYD said in its financial report that it will continue to speed up the process of using cars to go to sea this year. According to incomplete statistics, BYD passenger car layout markets include Norway, the Netherlands, Sweden, Germany, Denmark, Australia, Japan, Thailand, India, Brazil, Dominican Republic, Bahamas, Colombia, Costa Rica and other 14 countries and regions. According to data released by BYD, BYD sold 15002 overseas passenger cars in February, up 1187% from a year earlier.

According to foreign media reports, Brazilian President Lula plans to push BYD to buy Brazil's Ford plant during his visit to China. The plant, located in the Brazilian state of Bahia, will cease operation as early as January 2021. If the acquisition is successfully completed, BYD's total investment in the project will reach 2.5 billion reais (about 3.3 billion yuan). However, at this performance meeting, Wang Chuanfu also made it clear that BYD will not enter the US market in the short term.

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