(Yicai Global) March 29 -- BYD's shares gained after the Chinese electric car and battery giant said net profit surged 446 percent last year thanks to soaring new energy vehicle sales.

BYD [SHE: 002594] finished 1.1 percent higher at CNY247.70 (USD35.95) in Shenzhen today, while in Hong Kong, the firm’s stock [HKG: 1211] climbed 3.1 percent to close at HKD218 (USD27.77).

Net profit was CNY16.6 billion (USD2.4 billion) in the 12 months ended Dec. 31, the Shenzhen-based firm said in an earnings report released yesterday. Revenue soared 96 percent to CNY424.1 billion (USD61.6 billion).

BYD's income from its EV segment surged 152 percent to about CNY324.7 billion in 2022 from the year before, equal to 76.6 percent of its total revenue. NEV sales skyrocketed 209 percent to 1.9 million units, becoming China's top seller with a 27 percent market share and surpassing Tesla.

The gross profit margin at the Warren Buffett-backed firm’s car business stood at 20.4 percent in 2022, less than Tesla's 28.5 percent, but narrowing the gap to 8.1 points from 12.6 points in 2021Last year, BYD began selling its autos in Australia, Japan, Europe, and Brazil and started building its first overseas passenger car plant in Thailand in September.

BYD's NEV sales jumped 90 percent to 345,000 in the first two months of this year from a year ago. The firm will likely sell more than 2.5 million units in 2023, China Post Securities predicted in a recent report. Its new models this year may include the Seagull, the Sea Lion, the Frigate 05, the Destroyer 07, the Yangwang U8, and the first F-brand vehicle, according to the report.

Editor: Martin Kadiev