China’s BYD forecasts 2023 net profit to rise as much as 86.5% y/y

BEIJING (Reuters) – Chinese electric vehicle giant BYD said on Monday it expects net profit in 2023 to rise by as much as 86.5% on the previous year, thanks to growth in overseas sales and cost cutting.

BYD forecast net profit for last year at between 29-31 billion yuan ($4.04-4.32 billion), an increase of 74.46-86.49% from a year earlier, it said in a Shenzhen Stock Exchange filing.

($1 = 7.1780 Chinese yuan renminbi)

(Reporting by Beijing Newsroom; Editing by Louise Heavens)