chinese battery and electric vehicle manufacturer byd announced tuesday a net profit in 2022 of 166 billion yuan 24 billion up 446 percent yearonyear china the worlds largest overall producer of greenhouse gases plans for domestic car sales to be mainly made up of electric and hybrid vehicles by 2035 the result is in line with forecasts issued in january by byd of between 16 and 17 billion yuan byd also reported an 11fold rise in profit during the fourth quarter of last year further asserting its lead in the countrys competitive electric vehicle ev sector originally specialising in the design and manufacture of batteries the shenzhenbased firm began diversifying into the automotive sector in 2003 it ceased production of gasoline cars last year and now focuses exclusively on hybrid and electric models byd an acronym for build your dreams has swelled to become the most prominent chinese manufacturer of evs the company remained the biggest seller of hybrid and electric cars in china in february with 191664 units sold far ahead of its us competitor tesla which reported around 75000 units sold during the period many other local brands including saicgmwuling geely xpeng and nio compete with tesla and other foreign manufacturers for a share of chinas ev market sales of hybrid and electric models practically doubled in china last year to represent more than a quarter of vehicles sold according to the china passenger car association but experts warn the discontinuation in january of government subsidies for the purchase of new energy vehicles is expected to lead to a slowdown in sales this year in response several chinese manufacturers have entered into a price war in recent weeks