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BEIJING: Chinese battery and electric vehicle manufacturer BYD announced Tuesday a net profit in 2022 of 16.6 billion yuan ($2.4 billion), up 446 percent year-on-year.

China, the world’s largest overall producer of greenhouse gases, plans for domestic car sales to be mainly made up of electric and hybrid vehicles by 2035.

The result is in line with forecasts issued in January by BYD of between 16 and 17 billion yuan.

BYD also reported an 11-fold rise in profit during the fourth quarter of last year, further asserting its lead in the country’s competitive electric vehicle (EV) sector.

Originally specialising in the design and manufacture of batteries, the Shenzhen-based firm began diversifying into the automotive sector in 2003.

It ceased production of gasoline cars last year and now focuses exclusively on hybrid and electric models.

BYD, an acronym for “Build Your Dreams”, has swelled to become the most prominent Chinese manufacturer of EVs. The company remained the biggest seller of hybrid and electric cars in China in February with 191,664 units sold — far ahead of its US competitor Tesla, which reported around 75,000 units sold during the period. Many other local brands, including SAIC-GM-Wuling, Geely, XPeng and Nio, compete with Tesla and other foreign manufacturers for a share of China’s EV market.

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