In 2023, BYD will not only have good sales, but also make strong profits. Recently, BYD announced its 2023 performance report, even if the price war is so fierce, BYD still made 30 billion last year, BYD's revenue increased by 42.04% year-on-year to 602.315 billion yuan last year, and net profit increased by 80.72% year-on-year to 30.041 billion yuan.
BYD's annual sales in 2023 will reach 3.024 million units, an increase of 67.8% from 1.802 million units in 2022. It is worth mentioning that BYD's total sales of new energy vehicles will reach 5 million units in August 2023, 6 million units in November 2023, and 7 million units in March 2024.
In addition to good sales, BYD's gross profit margin also remained high in the fierce price war, and its ability to make money was still very strong. In 2023, BYD Auto's revenue from automobile-related products and other products will increase by 48.9% year-on-year to 483.453 billion yuan, and the gross profit margin will increase by 2.63% to 23.02% year-on-year, which is higher than Tesla's annual automotive gross profit margin of 19.4%.
If converted into the ability to make money on a single car, the cost and price of BYD's bicycles are 113,000 yuan and 151,000 yuan respectively, and BYD earns 38,000 yuan from selling a car, which is much stronger than selling some models that lose one, but this performance is also about 1,500 yuan lower than the previous quarter, and the average price of BYD bicycles in 2023 will be about 156,000 yuan, a decrease of 14,000 yuan from the previous year.
BYD can achieve a daily income of more than 82 million, its core competitiveness is willing to invest in research and development, strong technical advantages, is the key to BYD's explosive growth. In 2023, BYD will invest 39.57 billion yuan in research and development, more than double the previous year's 18.66 billion yuan, and this key figure is even 11.18 billion yuan more than Tesla.
In terms of research and development, BYD will continue to increase investment, and in the future, BYD will continue to invest 100 billion yuan in the field of intelligence, and plans to achieve the goal of 200,000+ models of high-end intelligent driving and 30W+ models of high-end intelligent driving in the third quarter of this year.
BYD's strong earning ability is not only reflected in the domestic market, but also aims at the pockets of foreigners in overseas markets. In 2023, BYD's annual export volume will reach 242,800 units, accounting for 7.7%, a year-on-year increase of 334.2%, far exceeding the overall sales growth rate (62.3%) and China's new energy vehicle export growth rate (77.6%).
BYD has become the Chinese brand with the most new energy vehicle exports in 2023, ATTO 3 has also become the sales champion of new energy vehicles in many countries, and BYD's overseas models are sold more expensive than domestic, taking BYD seals as an example, 180,000 are sold in China, and 400,000 are sold in the United Kingdom.
However, as the price war continues to deepen, BYD's gross profit margin will continue to decline, BYD wants to maintain the overall profitability, the performance of high-end models is crucial, this year BYD Denza brand is expected to launch three flagship models, Formula Leopard is expected to launch two models, looking up to U7 will also be listed in the near future, the profitability of these high-end models will affect BYD's overall performance this year.
Since BYD first rolled off the assembly line of 1 million new energy vehicles in May 2021 to today, it has only taken less than 3 years to achieve 7 million new energy vehicles off the assembly line, so BYD's 10 million should not be far away.