According to a report by Late Finance, BYD's cash reserves last year increased by 8 times compared with 2019, and BYD's net profit on a single car was negative before 2021, and in the fourth quarter of 2023, it can already sell a car and earn a net profit of 9,000 yuan.
As one of the earliest brands in China to enter the new energy electric vehicle industry, BYD achieved annual sales of more than 500,000 units by 2021, and in 2022, BYD achieved the goal of doubling its sales several times, and the annual sales of new energy vehicles exceeded 1.86 million units, becoming the global new energy vehicle sales champion.
In 2023, BYD will continue to make great progress, with annual sales of more than 3 million units, and significantly ahead of Tesla, which ranks second. In 2023, BYD's annual revenue will exceed 600 billion yuan, and its net profit will reach 30.04 billion yuan, a year-on-year increase of 80.7%.
At present, BYD has built a multi-brand product matrix such as BYD, Denza, Yangwang and Equation Leopard, covering multiple market segments, and has also made great progress in the overseas market, with the company's passenger car exports reaching 242,000 units last year, a year-on-year increase of 334%.
In 2024, the competition in the new energy vehicle industry is very fierce, and BYD took the lead in launching a price war at the beginning of the year, and the lowest price of the Qin PLUS model is currently 79,800 yuan, which is very competitive. Recently, the relevant person in charge of BYD said in an interview that BYD plans to maintain a sales growth of more than 20% on the basis of 2023. If it is extrapolated from this, BYD's sales in 2024 will be at least 3.6 million units.
BYD's net profit from selling a car is less than 10,000 yuan, although it sounds sad, but the objective analysis is also for the market concessions. At present, BYD's main dominant market is in the price range of 80,000 ~ 150,000 yuan, in order to maintain strong enough competitiveness, BYD naturally has to compress profits.
However, fortunately, the market in this price segment is large enough, which can allow BYD to achieve small profits and quick turnover, and a positive cycle. If you compare some new energy vehicle brands that are still selling cars at a loss, BYD's net profit of 9,000 yuan from selling a car should be enough to make them blush.