China’s BYD, the world’s largest vendor of full-electric automobiles and plug-in hybrids, expects its 2022 internet revenue to be greater than 5 occasions the quantity it booked a 12 months earlier, the corporate stated.

With gross sales of 1.86 million automobiles, it expects a internet revenue of 16-17 billion yuan ($2.37-$2.52 billion) versus 3 billion yuan in 2021, an trade submitting confirmed.

The corporate stated it had it achieved sturdy gross sales progress and considerably improved profitability — and had “successfully relieved the price stress caused by the rising upstream uncooked materials costs.”

The Shenzhen-based automaker stopped producing combustion engine automobiles final April.

Gross sales of its Qin and Han sedans, BYD’s best-selling fashions, elevated by 83 % and 132 %, respectively, in 2022, whereas these of Tesla’s Mannequin 3 fell by 18 %, based on the China Passenger Automotive Affiliation.

BYD nonetheless trails Tesla when it comes to international gross sales of full-electric automobiles by nearly 400,000 models, although the Chinese language firm is planning to ramp up gross sales shortly at residence and overseas with its new sequence of BEV merchandise reminiscent of its Seal mannequin.

BYD will start EV gross sales this quarter within the UK, with the launch of its Atto 3 SUV.