BYD records RM10.6 billion net profit in 2022 up 403% from 2021; targets sales of 3.6 million units for 2023

The Seagull (above) is the latest to emerge from BYD; the company plans to sell 10,000 units of the Denza D9 and Denza N7 each this year (row below)

Plans for the Denza brand were also revealed, and the company plans to sell 20,000 units a month, evenly split between the Denza D9 MPV and the N7 SUV.

According to the report, total revenue for BYD that was from new energy subsidies last year was around US$1.5 billion (RM6.6 billion) or 62% of its annual profit. Other manufacturers of electric vehicles in China have also received significant subsidies, and the report cites analysts as saying that Tesla could receive US$500 million (RM2.2 billion) in China for the full year of 2022.

The latest battery EV to be officially unveiled by BYD is the Seagull, which is priced in China between 80,000 yuan and 100,000 yuan or between RM51k and RM64k.

Meanwhile for the Malaysian market, the Dolphin and the Seal are set for their respective launches in Malaysia in the fourth quarter of this year. These will follow the Atto 3, which was launched in Malaysia in December 2022.