BYD predicts its 2022 net profit to be more than five times the previous year, with a net profit of $2.37-$2.52 billion versus around $445 million in 2021. The company attributes its success to strong sales growth and improved profitability, and it has stopped producing combustion engine vehicles since April 2021. BYD's best-selling models, the Qin and Han sedans, increased by 83% and 132% respectively in 2022. BYD still lags behind Tesla in terms of global electric car sales by nearly 400,000 vehicles but plans to increase sales with its new BEV products, including the Seal model, and begin EV sales in the UK with the Atto 3 SUV this quarter.

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