BYD, China’s largest electric car maker, announced that a record number of vehicles were sold last calendar year, more than quadrupling the company’s profits.

Profits rose 446% to 16.6 billion yuan ($2.4 billion), meeting preliminary net profit forecasts BYD released in January. The automaker’s 2021 profit was 3 billion yuan ($436 million).

Partly owned by Warren Buffett’s Berkshire Hathaway, BYD is one of the best companies to make money from China’s fast-growing electric car market. Now, after dominating at home, the company intends to compete globally with Tesla, the world’s largest electric car maker.

BYD will sell 1.86 million electric and plug-in hybrids in 2022, with battery electric vehicles alone accounting for about half of total sales, accounting for about a third of all new energy vehicle sales in China. Tesla sold 1.31 million electric vehicles last year.

The company is looking to expand into overseas markets, including the US and Europe. It is also set to launch two new luxury-branded electric cars this year, a turnaround from the budget offerings that have been key to the company’s rapid growth.