BYD increased profit 5 times thanks to sales of electric vehicles.

BYD, the Chinese automaker, more than quintupled its net profit last year by selling a record number of electric vehicles and becoming a rival to Tesla in the global market. BYD sold 1.86 million electric and hybrid vehicles in 2022, more than their sales in the previous four years combined, while Tesla shipped 1.31 million electric vehicles. BYD has also stopped making fossil fuel vehicles. Warren Buffett supports BYD in their quest to expand into the international market, including countries such as Norway, Denmark, the UK, Thailand and Australia. BYD continues to perform well despite challenges such as chip shortages, slowing sales and declining demand. BYD shares rose 2.4% on the Hong Kong Stock Exchange.