 | |
 The entrance of BYD headquarters inPingshan, Shenzhen, China | |
| Formerly | Shenzhen BYD Battery Company Limited (1995–2002) |
|---|---|
| Company type | Public |
| SEHK: 1211 SZSE:002594 | |
| Industry | Conglomerate |
| Founded | 10 February 1995; 30 years ago (1995-02-10) |
| Founder | Wang Chuanfu |
| Headquarters | , China |
Area served | Worldwide |
Key people | Wang Chuanfu (chairman,CEO) |
| Products |
|
Production output |
|
| Revenue |  CN¥777.10 billion (2024) |
| CN¥38.1 billion (2023) | |
| CN¥40.25 billion (2024) | |
| Total assets | CN¥783.36 billion (2024) |
| Total equity | CN¥185 billion (2024) |
| Owners |
|
Number of employees | 968,900 (December 2024) |
| Subsidiaries | |
| Website | bydglobal.com |
| Footnotes / references [1][2][3][4][5][6][7][8][9][10][11][12][13] | |
| BYD Company | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Simplified Chinese | 比亚迪股份有限公司 | ||||||||||
| Traditional Chinese | 比亞迪股份有限公司 | ||||||||||
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BYD Company Limited orBYD (Chinese:比亚迪;pinyin:Bǐyàdí) is apublicly listed Chinesemultinational manufacturingconglomerate headquartered inShenzhen, Guangdong, China. It is avertically integrated company with several major subsidiaries, includingBYD Auto which producesautomobiles,BYD Electronics which produces electronic parts and assembly, andFinDreams, a brand name of multiple companies that produce automotive components andelectric vehicle batteries.
BYD was founded byWang Chuanfu in February 1995 as abattery manufacturing company. BYD's largest subsidiary, BYD Auto, was founded in 2003 and has grown to become the world's largest manufacturer ofplug-in electric vehicles.[14] Since 2009, BYD's automotive business has contributed over 50% of its revenue. By 2023, it contributed over 80% of the company's total revenue.[15][16] The company also producesrechargeable batteries (handset batteries,electric vehicle batteries andbulk storage),forklifts,solar panels,semiconductors, andrail transit network.[17][18] Through its subsidiaryFinDreams Battery, BYD was the second largest electric vehicle battery producer globally in 2024 afterCATL, by producing 17.2% of the world's output.[13]
BYD has been the privately owned company with the largest workforce in China since 2022, ranking only below severalstate-owned companies.[19] As of September 2024[update], BYD employs 900,608 people, of which 104,003 areresearch and development (R&D) employees.[20] It also leads by patent applications, by filing over 13,000 patents between 2003 and 2023.[21]
BYD's stock is listed on theHong Kong Stock Exchange and theShenzhen Stock Exchange with two types of shares (H and A respectively). The company was ranked 212th on theFortune Global 500 in 2023.[22]
"BYD" is thepinyin initials of the company's Chinese nameBiyadi. The company was originally known asYadi Electronics (亚迪电子), named after the Yadi Road inDapeng New District, where the company was once based.[23] According to Wang Chuanfu, when the company was registered, the character "Bi" (比) was added to the name to prevent duplication, and to provide the company with analphabetical advantage intrade shows.[24] As the name "BYD" had no particular meaning, BYD started adopting abackronymic slogan "Build Your Dreams" when it participated at the 2008North American International Auto Show in the US.[25][26][27]
On 18 November 1994,Wang Chuanfu gathered a team of 20 people and founded BYD inBuji Town,Longgang District,Shenzhen.[28] The company was formally founded on 10 February 1995 as Shenzhen BYD Battery Company Limited, with a focus on rechargeablenickel–cadmium (NiCd) batteries.[29] Wang noticed an opportunity presented by the shift in Japanese companies from NiCd to high-valuenickel–metal hydride (NiMH) andlithium-ion (Li-ion) batteries while he was working as a vice supervisor at the Beijing Nonferrous Research Institute. He moved toShenzhen with his cousinLu Xiangyang and founded the company in 1995 to capitalize on the opportunity.[30] Having achieved little success, in 1997 Wang moved his business, also consisting of a battery research institute toLonggang in Shenzhen, where BYD started receiving orders from multinational companies.[31]
BYD grew its business in its early days by implementing a redesignedmanufacturing approach by incorporating moremanual labour, in contrast of thecapital-intensive and highly automated processes in Japan. This manufacturing process, along with in-house production of key machinery, contributed to a substantial reduction in unit costs compared to Japanese competitors by around five or six times lower.[32] BYD quickly became the world's leading NiCd battery manufacturer by July 2002, accounting for 65% of global production. Within seven years, the company secured its position as the second-largest producer of NiMH batteries and the third-largest in Li-ion batteries.[32] By 2012, BYD had captured more than half the world's mobile phone battery market and was the largest Chinese manufacturer (and in the top four globally) of all types ofrechargeable batteries.[33][17]
BYD started producing mobile phone components in the early 2000s. Its electronic business was spun off in 2007 as BYD Electronics.[34]
On 31 July 2002, the company underwent aninitial public offering (IPO) on theHong Kong Stock Exchange. The company announced its target to become the world's second-largest battery firm.[35][16] Shortly after the IPO, BYD acquired a small automotive manufacturing company, Xi'an Qinchuan Automobile, from state-owneddefense companyNorinco in January 2003, which was met with disapproval from shareholders, as the plan was not disclosed in theprospectus.[36] Qinchuan was acquired with the intention of developing battery-powered electric vehicles.[37][38] However, BYD's first cars were conventional petrol vehicle such as theBYD F3, with production starting in April 2005.[32] The company produced its firstplug-in hybrid vehicle, the BYD F3 DM in 2008, followed by its first productionbattery electric vehicle, theBYD e6 in 2009.[39][40] In March 2022, BYD ended the production of pureinternal combustion engine vehicles to focus on plug-in electric vehicles.[41]
In September 2008,MidAmerican Energy Holdings, a subsidiary ofWarren Buffett'sBerkshire Hathaway Inc, invested about US$230 million for a 9.89%[42] share of BYD atHK$8/share.[43] Buffett credited this investment toCharlie Munger, Berkshire's vice chairman who saw the potential in the company.[44] Since 2022, Berkshire had gradually reduced its shareholding in BYD after its share price increased significantly. As of June 2024[update], Berkshire held a 6.9% stake in BYD.[45]
In 2016, BYD unveiled a workingmonorail prototype marketed as "Skyrail" (Chinese:云轨;lit. 'cloud rail')[46][47][48] and announced they will enter the globalrail transit market.[49] The first public Skyrail line opened as a 9.7 km (6.0 mi) long loop line inYinchuan's flower expo in 2018.[50][51]
Between 2017 and 2019, due to several factors such as the slowdown of BYD Auto's sales, BYD saw its net profit has falling sharply for three consecutive years, especially in 2019 when it dropped toCN¥ 1.6 billion. Wang Chuanfu described it as the "darkest moment", since at that time the company had only one goal, which was to survive.[52] However, Wang insisted on investing CN¥ 8.4 billion inresearch and development.[53] In 2020, BYD received the equivalent of €2.1 billion in Chinese statesubsidies.[54]
In 2020, BYD established four automotive component manufacturers spun-off from BYD divisions brandedFinDreams, with the intention of supplying parts to other automotive companies.[55]
BYD Auto was founded in January 2003 by BYD ownerWang Chuanfu, following BYD's acquisition of Xi'an Qinchuan Automobile.[56] It manufactures passengerbattery electric vehicles (BEVs) andplug-in hybrid electric vehicles (PHEVs), collectively known asnew energy vehicles (NEVs) in China. It also produceselectric buses andtrucks. BYD ended production of purelyinternal combustion engined cars in March 2022.
BYD's automotive business constitutes the majority of BYD's revenue. In 2023, BYD reported a revenue of around CN¥483.4 billion from automotive and related products, a year-on-year increase of 48.9% and accounted for 80.27% of BYD's total revenue.[57]
 | |
| Company type | Public |
|---|---|
| SEHK: 285 | |
| Industry | |
| Founded | 14 June 2007; 17 years ago (2007-06-14) |
| Headquarters | Shenzhen, Guangdong, China |
Area served | Worldwide |
Key people |
|
| Products |
|
| Revenue | CN¥129.95 billion (2023) |
| CN¥7.96 billion (2023) | |
| CN¥4.04 billion (2023) | |
| Total assets | CN¥87.21 billion (2023) |
| Total equity | CN¥29.33 billion (2023) |
| Owners |
|
Number of employees | 150,300 (2023) |
| Parent | BYD Company Limited |
| Website | electronics.byd.com |
| Footnotes / references [58] | |
BYD Electronic (International) Company Limited or simplyBYD Electronics manufactures handset components and assembles mobile phones for its customers as anOEM orODM. Created as a subsidiary of BYD in 2002, it issued anIPO on theHong Kong Stock Exchange in 2007 having beenincorporated in Hong Kong on 14 June 2007.[59]
BYD Electronics operated several overseas factories,[60] such as inCluj,Romania;[61] a factory inKomárom,Hungary that was acquired through the February 2008 purchase of Mirae Hungary Industrial Manufacturer Ltd;[61] and a factory inChennai,India, which was also completed in 2008.[61] In addition, BYD Electronic has production bases inHuizhou,Tianjin, and at Baolong Industrial Park, Longgang District,Shenzhen.[62]
As a "one-site mode supplier" especially formobile phones, the company providesproduct design,manufacturing, testing,assembly and after sales services. By 2011, notable BYD Electronics customers includeNokia,Motorola, andSamsung.[63] According to Wang Chuanfu in 2021, the company manufactures mostHuawei mobile phones.[64]
Since 2020, BYD Electronics became one of theoriginal equipment manufacturer (OEM) ofApple'siPad.[65] It also produces iPads in its factory in Vietnam, which went operational in July 2022. The Vietnamese factory is located at the Phu Ha industrial park in thePhú Thọ province. The first phase of the facility has an annual capacity of 4.32 milliontablets and 50 millionoptical prism products.[66][67] Apple's plan to produce iPads with BYD in India were cancelled due to government regulations stemming from geopolitical concerns between India and China.[68][69]
In August 2023, BYD Electronics has agreed to buy several Chinese factories operated byJabil, a U.S. manufacturer that supplies major components to Apple.[70]
In May 2024, it was announced that BYD Electronics would be added to Hong Kong'sHang Seng Index.[71]
In July 2024, reports emerged that BYD Electronics alongsideLuxshare Precision became part of theiPhone 16 supply chain, after some production of iPhones were moved back from India to China due to quality issues.[72]
BYD Semiconductor Co., Ltd. was established in 2020 as the successor to the BYDIC Design Department that was established in 2002.[18] manufactures and distributessemiconductor products such asintegrated circuits,insulated gate bipolar transistor modules,light emitting diodes, single chips, and other products.[73] The company planned to issue aninitial public offering (IPO) before cancelling it in November 2022 as the company chose to increase investments inwafer production.[74]
BYD Forklift was established in 2009 and headquartered inZhenjiang, Shaoguan. It develops and produces electricforklifts with an annual production capacity of 30,000 units. The company marketed its forklifts since 2014.[75]
 | |
| Product type | Automotive components |
|---|---|
| Owner | BYD Company Limited |
| Country | China |
| Introduced | March 2020; 5 years ago (2020-03) |
| Chinese name | |
| Simplified Chinese | 弗迪 |
| Hanyu Pinyin | Fúdí |
FinDreams (Chinese:弗迪;pinyin:Fúdí) is the brand name used by fourautomotive supplier companies owned by BYD. These companies were announced in March 2020 as spin-offs from BYD. The establishment of FinDreams companies was done to grow sales of components to other automotive companies. The companies include FinDreams Battery, FinDreams Powertrain, FinDreams Technology, FinDreams Vision (cancelled),[76] and FinDreams Precision.[77][78]
Its Chinese name, 'Fudi' comes from a poem in theClassic of Poetry, which means honesty, trustworthiness, steadfastness and diligence.[79]
FinDreams Battery Co., Ltd. was registered on 5 May 2019 as a successor to BYD Lithium Battery Co. Ltd., which was established in 1998. Its products include consumer batteries, electronic batteries, electric vehicle batteries andenergy storage batteries.[80] It specializes inlithium iron phosphate (LFP) batteries, includingblade battery.[81] As of November 2021[update], the company has established 15 major production bases in more than 10 cities across China.[82] The subsidiary also owns Shenzhen BYD Energy Storage Co., Ltd., (previously Shenzhen Pingshan FinDreams Battery Co., Ltd.) that producesenergy storage products.[83] It produces the BYD Home Energy System, simplified as BYD HES, an integrated product combiningsolar panels,battery,inverter, etc.[84][85] This system generated electricity fromsolar power, and then stored it.[86] As of December 2023[update], FinDreams Battery is the world's second largest producer ofelectric vehicle batteries belowCATL.[87]
In early 2022, the company started construction of ajoint venture plant withFAW Group called FAW-FinDreams to produce battery packs. BYD held 51% of the shares, while FAW held the rest. Located inChangchun, Jilin, the plant was designed with a total capacity of 45GWh. The first battery pack rolled off the plant in July 2023, and the plant went operational in September 2023.[88]
In June 2023, FinDreams Battery established a joint venture with Huaihai Holding Group, which is best known forelectric tricycles andelectric scooters, intending to establish the world's largest supplier ofsodium-ion batteries.[89] In January 2024, construction of the sodium-ion manufacturing plant started. The CN¥10 billion (US$1.4 billion) plant will have a 30GWh annual production capacity.[90]
In February 2024, the company signed an 8-year agreement with American automotive supply company,BorgWarner. FinDreams Battery will supply BorgWarner with blade cells for manufacturing LFP battery packs in Europe, the Americas and several Asia Pacific regions. BorgWarner will also secure anintellectual property license to use FinDreams battery pack design and manufacturing process.[91]
In March 2024, FinDreams Battery became a cell supplier toTesla's energy storage manufacturing in China which operates at the newly built Shanghai Megafactory. It will start supplying 20 percent of the cells needed to produce Tesla'sMegapack starting from the first quarter of 2025.[92]
In February 2025 BYD Energy Storage announced a contract with Saudi Electricity Company to provide 12.5 GWh of storage.[93]
FinDreams Powertrain Co., Ltd. develops and produces engines and powertrain-related parts such as transmissions, axles, electric car platforms andplug-in hybrid systems.[18][80]
FinDreams Technology Co., Ltd. develops and produces automotive electronics andchassis-related parts that are used in passenger cars, commercial vehicles, and rail transit.[80] It has ten major products such as vehicle thermal management, vehiclewiring harness, smart cockpit,advanced driver-assistance system (ADAS), passive safety components,braking system,suspension andexhaust, body control,steering system, and body accessories.[18]
FinDreams Precision Co., Ltd. (previously FinDreams Molding)[76] operatesmoulding manufacturing and research and development.[80]
BYD constructed monorail systems around the world, including theGuang'an Metro and theGuilin Metro in China,Line 17 in São Paulo and theSkyRail Bahia, both inBrazil. BYD is also part of aconsortium that was awarded a pre-development contract to build a monorail from theSan Fernando Valley toLAX via theSepulveda Pass inLos Angeles.[94]
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BYD also offers arubber-tyred tram product, known as "SkyShuttle" (Chinese:云巴;lit. 'cloud bus').[95]Bishan rubber-tyred tram inChongqing is operational.[96]
In 2021, BYD had 288,000 employees. BYD workforce reached 570,000 employees in 2022, after the company hired 280,000 employees in a single year. At that year, BYD became the privately owned company with the largest workforce in China, and only below several state-owned companies such asChina National Petroleum Corporation,State Grid Corporation of China andChina Post. By the end of 2023, the company had 704,000 employees, with 133,000 new hires that year.[19] This workforce count is nearly double that ofToyota, which has 375,000 employees.[97] In 2024, BYD hired close to 200,000 new employees in car manufacturing and components.[98]
On 5 November 2021, a 36-year-old employee of BYD was reported dead in his rented home. According to his relatives, his sudden death was due to high-intensity overtime work. No autopsy was conducted, so the cause of death remains unclear. BYD agreed to pay the deceased employee's family a lump sum of CN¥200,000 in compensation.[99]
BYD heavily invested in core component development, with a substantial R&D budget and personnel. Founder Securities data reveals that BYD's R&D investment reached CN¥7.99 billion in 2021 with a 12.9% rise in R&D personnel, totaling 40,382 employees in 2021. The company also increased itspatent filing by 19.7% year-on-year in 2020, with 29,777 patents.[15]
In 2022, BYD invested CN¥18.65 billion in R&D, more than double than its 2021 budget.[100] In 2023, BYD spent CN¥39.91 billion on R&D, which is 6% of its operating income.[101] In that year, the company also recruited 33,000 new R&D personnel, increasing the total number to 102,000. Among these R&D employees, 60% are under the age of 30. Additionally, BYD disclosed in its financial report that the average annual salary for R&D personnel is around CN¥212,000.[101]
BYD is characterized by itsvertical supply chain system, originating as a battery company in 1995 before venturing into cars (viaBYD Auto) in 2003. At the same time, BYD also leverages China's low labour costs, transforming production lines for power batteries from capital-intensive to labour-intensive, ensuring a competitive edge through a robust supply chain system and reduced production costs.[102] Post-entry into the automobile industry, BYD developed the entire automotive industry chain, emphasizing core technologyresearch and development. Proficiency in key components, such as batteries,motors, and electronic control was achieved, marked by a large-scale, fully automated production line for batteries.[15] This vertical integration model strengthened its industrial chain and mitigates challenges such as the globalchip shortage.[15]
BYD diversified into research and development ofsemiconductor by establishing BYD Semiconductor in 2020. Core components, including automotivechips and theDiLink automotive intelligent system, were independently developed. The establishment of FinDreams companies from December 2019 focused on power batteries,automotive lighting,electronics,powertrain, andmoulding.
In early 2020, BYD transitioned its the parts and components division into subsidiary companies, collectively known as FinDreams. This shift enabled independent operations for these companies, making component supply to other automotive companies easier.[15]
BYD has many production bases, including three locations inShenzhen[103] (one of which is on the self-titled 'BYD Road' (simplified Chinese:比亚迪路;traditional Chinese:比亞迪路;pinyin:Bǐyàdí Lù) inPingshan District,Shenzhen),[103] as well as sites inHuizhou,[103]Shanxi,[104] andShanghai.[104]
Auto production bases include an automobile assembly line inXi'an, aK9 electric bus manufacturing plant inDalian,[105] a photovoltaic module (solar panel) Bloomberg New Energy Finance Tier 1 manufacturing plant inBeijing, an R&D center and nascent automobile assembly line in Shenzhen, and an R&D center in Shanghai.[106]
US operations can be found inElk Grove Village, Illinois, andSan Francisco, California.[17] BYD also acquired a site for a future North American headquarters in downtownLos Angeles, and has built and operates a manufacturing plant inLancaster, California, near Los Angeles.[107]
In 2019 a bus plant opened inNewmarket, Ontario to handle orders in Canada.[108][109][110] BYD has three factories in Brazil, the first of which opened in 2015 for the production of electric buses.[111] In April 2017, it inaugurated its second plant for photovoltaic modules. In 2020, BYD opened its third manufacturing plant in the country in Manaus, specifically for lithium iron phosphate batteries, for use in electric buses.[112][113] BYD has two electric bus assembly facilities in Europe inKomarom, Hungary andBeauvais, France.[114] BYD built a new facility inChongqing, China for producing itsblade battery,[115] which are considered to be the safest EV batteries.[116] The first plant of the company in India was opened inChennai.
The key trends of BYD are (as at the financial year ending December 31):[117][118][119][120]
| Year | Revenue (CN¥ bn) | Net income (CN¥ bn) | Revenue source | Number of employees (k) | Number of sold passenger cars (m)[121] | Source | |
|---|---|---|---|---|---|---|---|
| Automobile | Non-automobile | ||||||
| 2016 | 100 | 5.0 | 55% | 45% | [122] | ||
| 2017 | 102 | 4.0 | 53% | 47% | 201 | [122] | |
| 2018 | 130 | 2.7 | 59% | 41% | 221 | [123] | |
| 2019 | 127 | 1.6 | 49% | 51% | 229 | 0.44 | [124] |
| 2020 | 156 | 4.2 | 53% | 47% | 224 | 0.42 | [124] |
| 2021 | 216 | 3.0 | 60% | 40% | 418 | 0.73 | [125] |
| 2022 | 424 | 16.6 | 77% | 23% | 570 | 1.8 | [125] |
| 2023 | 602 | 30.0 | 80% | 20% | 703 | 3.0 | [126] |
| 2024 | 777 | 40.3 | 79% | 21% | 969 | 4.3 | [127] |
Notable members of the senior management of the company are as follows:[57]
Executive director
Non-executive directors
Independent non-executive directors
Supervisory Board
Senior management
The company has been recognized for innovation; for example it has developed technologies that allow mobile phone batteries to be made at room temperature rather than in expensive, heated dry rooms.[128] In 2010, BYD topped theBloomberg Businessweek Tech 100 that listed fast-growing tech companies.[129] In that year, BusinessWeek ranked BYD the eighth most innovative company in the world[130] and that same year saw Fast Company ranking BYD as the 16th most innovative.[131] In 2016, BYD won the Zayed Future Energy Prize award for Large Corporations for their development of robust rechargeable batteries.[132] In 2017, PV Magazine awarded BYD the top category of innovation on its newly launched battery storage system that advances progress in three categories: modularity, charging and discharging capacity, and efficiency.[133]
On 27 April 2020, BYD hired attorneyCharles Harder and filed a federal civil complaint inU.S. District Court,Southern District of New York,[134] againstVice Media alleging defamation for a story about BYD being associated with companies alleged to be using forcedUyghur labor in itssupply chain which was published on 11 April 2020.[109] BYD's case was dismissedwith prejudice in March 2021.[135]
In November 2020, BYD filed alibel lawsuit againstVice Media and the non-profitAlliance for American Manufacturing (AAM) and some of its employees.[136] TheSupreme Court of the United States rejected BYD's suit in August 2022.[137][136]
In 2022, theUnited States Department of Commerce found that BYD had circumvented tariffs on solar panels by routing its operations through Southeast Asian countries.[138] In August 2023, the U.S. Department of Commerce issued final determination on BYD, determining they circumvented tariffs.[139]
TheNational Defense Authorization Act for Fiscal Year 2024 proposed the prohibition of US defense funding for BYD batteries on security grounds.[140][141]
In addition to patent litigation[43]Foxconn sued BYD inHong Kong andIllinois in 2007, alleging BYD poached 50 Foxconn employees and was complicit in the stealing of trade secrets to set up a competing cell phone manufacturing operation.[142] Court proceedings were brought before BYD Electronic wasspun off by BYD later in 2007, delaying the public listing[143] on the Hong Kongstock exchange by half a year.[144]
Foxconn[when?] also opened proceedings in the district where BYD is headquartered, at theShenzhen Intermediate People's Court,[citation needed] which referred the case to theSupreme People's Court, which in turn commissioned an appraisal by the Beijing JZSC Intellectual Property Forensic Center into files in BYD's possession which were alleged to belong to Foxconn.[citation needed] Eventually[when?] the Shenzhen court made the final judgment: BYD's files contained non-public information originating from Foxconn, which could bring economic benefits to the holders, thereby, BYD was found guilty of infringing Foxconn's trade secrets.[143][additional citation(s) needed]
Afterwards, Foxconn withdrew the civil proceedings against BYD in mainland China, and soughtcriminal prosecution instead.[citation needed] On 20 March 2008, the former executive director and Vice President of BYD was arrested.[citation needed] Then on 24 and 31 March 2008 two former employees of Foxconn were arrested and sentenced to 1 year and 4 months, and 4 years in prison respectively.[143][additional citation(s) needed]
BYD issued acounterclaim to Foxconn in Hong Kong court, allegingdefamation and bribery of Chinese officials as well as intimidation on Foxconn's part.[142]
"BYD Electronic"... was spun off from BYD Company Limited and listed on the Main Board of the Stock Exchange Hong Kong Limited on 20 December 2007. It is a world-leading vertically integrated provider of handset components and modules manufacturing as well as assembly services. The Company provides services to brand name vendors of handsets as original equipment manufacturers...
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