Warren Buffett-Backed BYD Sees Higher Profits For FY23 After Overtaking Tesla As Biggest EV Seller
Portfolio Pulse from Anan Ashraf
Chinese EV maker BYD Co Ltd, backed by Warren Buffett's Berkshire Hathaway, forecasts a minimum 74.5% increase in net profit for FY23, attributing the rise to higher sales volumes. BYD surpassed Tesla in Q4 as the largest BEV seller, moving 526,000 units compared to Tesla's 485,000. The company's expected net profit is between 29,000 million yuan and 31,000 million yuan, with a basic EPS of 9.98 to 10.67 yuan, up from 5.71 yuan in FY22.
January 30, 2024 | 9:54 am
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POSITIVE IMPACT
BYD Co Ltd expects a significant increase in net profit for FY23, with a projected rise of at least 74.5% over the previous year, driven by robust sales volume growth.
The positive earnings forecast for BYD Co Ltd is likely to instill investor confidence and could lead to a short-term increase in the stock price. The company's performance surpassing Tesla in sales further strengthens its market position, potentially making it an attractive investment.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
BYD Co Ltd expects a significant increase in net profit for FY23, with a projected rise of at least 74.5% over the previous year, driven by robust sales volume growth.
The positive earnings forecast for BYD Co Ltd is likely to instill investor confidence and could lead to a short-term increase in the stock price. The company's performance surpassing Tesla in sales further strengthens its market position, potentially making it an attractive investment.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100