(Jan 30): Chinese electric-vehicle giant BYD Co said net income reached as high as 17 billion yuan (US$2.5 billion) last year, an increase of as much as 458% from 2021, according to a preliminary filing to the Shenzhen Stock Exchange on Monday.

That’s much higher than predicted by analysts, who on average forecast net income of 13.2 billion yuan. They expect revenue for the Warren Buffett-backed company to almost double to 400 billion yuan. BYD said revenue likely exceeded 420 billion yuan.

The company attributed the strong financial performance to the surge in new energy vehicle sales.

BYD sold 1.86 million new EV’s in 2022, more than the previous four years combined. The company avoided some of the supply-chain and Covid disruptions that hurt its rivals, thanks to its ability to produce key components including batteries and semiconductors.

Sales are expected to surge again this year, with a foray into making and selling luxury cars further fueling earnings growth. Its main rival in terms of sales volume — Tesla Inc — said it could produce as many as 2 million cars this year.

Elon Musk’s Tesla is leading a price war, slashing prices in many markets where it operates by double-digits, including in China, the world’s biggest market for EV sales. That’s prompted some brands to follow with their own cuts to maintain sales momentum.

BYD’s Hong Kong-listed shares dipped 2.7% on Monday, trimming this year’s gains to around 24%.