BYD Company

Source: Wikipedia, the free encyclopedia.
For the vehicle manufacturing and sales subsidiary, see BYD Auto.

BYD Company Limited
Products
RevenueIncrease CN¥602.31 billion (2023)
121,757,004,000 renminbi (2023) Edit this on Wikidata
Increase CN¥30.04 billion (2023)
Total assetsIncrease CN¥679.54 billion (2023)
Total equityIncrease CN¥140 billion (2023)
Owners
Number of employees
Increase 703,000 (2024)
Subsidiaries
  • BYD Auto
  • BYD Electronic (65%)
  • BYD Semiconductor
  • BYD Transit Solutions
  • FinDreams
Websitewww.bydglobal.com/en/
Footnotes / references
[1][2][3][4][5][6][7][8][9][10][11][12]
BYD Company
Hanyu Pinyin
Bǐyàdí Gǔfēn Yǒuxiàn Gōngsī
Yue: Cantonese
Jyutpingbei2 aa3 dik6 gu2 fan6*2 jau5 haan6 gung1 si1

BYD Company Limited

electric vehicle batteries.[14]

BYD's largest subsidiary, BYD Auto, was founded in 2003 and currently is the world's largest

semiconductors, and rail transit network.[18][19]

Since 2022, BYD has been the privately owned company with the largest workforce in China, ranking only below several state-owned companies.[20] As of 2024, BYD employs 703,000 people, of which 102,000 are research and development (R&D) employees.

Name

The "BYD" name is the

alphabetical advantage in trade shows. The company later created a backronym slogan, "Build Your Dreams".[21][22]

History

BYD's founder, chairman and CEO, Wang Chuanfu

BYD was founded on 10 February 1995 with a focus on rechargeable nickel–cadmium (NiCd) batteries. While working as a vice supervisor at the Beijing Nonferrous Research Institute, BYD's founder, Wang Chuanfu, noticed an opportunity presented by the shift in Japanese companies from NiCd to high-value nickel–metal hydride (NiMH) and lithium-ion (Li-ion) batteries. Having identified this market shift in 1993, he moved to Shenzhen with his cousin Lu Xiangyang and founded Shenzhen BYD Battery Company Limited in 1995 to capitalize on the opportunity.[23] Wang started his business in the back alleys of Buji, a neighbourhood in Shenzhen. Having achieved little success, in 1997 Wang moved his business, also consisting of a battery research institute to Longgang in Shenzhen, where BYD started receiving orders from multinational companies.[24]

Logo until 2022

BYD grew its business in its early days by implementing a redesigned manufacturing approach by incorporating more manual labour, in contrast of the capital-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.[25] As the result of its competitiveness, BYD rapidly ascended to become the world's leading NiCd battery manufacturer by July 2002, accounting for 65 percent 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.[25] 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 of rechargeable batteries.[26][18]

BYD started producing mobile phone components in the early 2000s. Its electronic business was spun off in 2007 as BYD Electronics.[27]

In 2002, Wang created a new affiliate to be listed on the Hong Kong Stock Exchange. The initial public offering (IPO) published on 31 July 2002 focused solely on BYD's ambition to become the world's second-largest battery firm.[28][29] Shortly after the IPO, BYD acquired a small automotive manufacturing company, Xi'an Qinchuan Automobile, from state-owned defense company Norinco in January 2003, which was met with disapproval from shareholders, as the plan was not disclosed in the prospectus.[30] Qinchuan was acquired with the intention of developing battery-powered electric vehicles.[31][32] However, BYD's first cars were conventional petrol vehicle such as the BYD F3, with production starting in April 2005.[25] The company produced its first plug-in hybrid vehicle, the BYD F3 DM in 2008, followed by its first production battery electric vehicle, the BYD e6 in 2009.[33][34] In March 2022, BYD ended the production of pure internal combustion engine vehicles to focus on plug-in electric vehicles.[35]

In September 2008,

Berkshire Hathaway Inc, invested about US$230 million for a 9.89%[36] share of BYD at HK$8/share.[37] Buffett credited this investment to Charlie Munger, Berkshire's vice chairman who saw the potential in the company.[38] Since 2022, Berkshire had gradually reduced its shareholding in BYD after its share price increased significantly. As of June 2024, Berkshire held a 6.9% stake in BYD.[39]

BYD topped the 2010 Bloomberg Businessweek Tech 100 list, a list of large, fast-growing tech companies.[40]

In 2016, BYD unveiled a working

rail transit market.[44] The first public Skyrail line opened as a 9.7 km (6.0 mi) long loop line in Yinchuan's flower expo in 2018.[45][46]

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 to

CN¥ 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.[47] However, Wang insisted on investing CN¥ 8.4 billion in research and development.[48] In 2020, BYD received the equivalent of €2.1 billion in Chinese state subsidies.[49]

In 2020, BYD established four automotive component manufacturers spun-off from BYD divisions branded

FinDreams, with the intention of supplying parts to other automotive companies.[50]

Corporate affairs

The company has its corporate headquarters in the

Pingshan District, Shenzhen, Guangdong province of China. Its North American headquarters are in Downtown Los Angeles, and BYD has sales offices in various countries.[51]

Subsidiaries and businesses

BYD Auto

A BYD car showroom in a shopping mall in Shenzhen
Main article:
plug-in hybrid electric vehicles (PHEVs), collectively known as new energy vehicles (NEVs) in China. It also produces electric buses and trucks. In March 2022, BYD ended production of purely internal combustion engined
cars to focus on new energy vehicles.

BYD's automotive business constitutes the majority of BYD's revenue. In 2022, BYD reported a revenue of around CN¥324.69 from automotive and related products, a year-on-year increase of 151.78 percent and accounted for 76.57 percent of BYD's total revenue. Additionally, revenue from mobile phone parts, assembly, and other product businesses reached CN¥98.81 billion yuan, marking a 14.3 percent year-on-year increase.[53]

BYD Electronics

BYD Electronics Co., Ltd. (比亚迪电子) manufactures handset components and assembles mobile phones for its customers as an OEM or ODM. Created as a subsidiary of BYD in 2002, it issued an IPO on the Hong Kong Stock Exchange in 2007 having been incorporated in Hong Kong on 14 June 2007.[54] The company operated several overseas factories,[55] such as in Cluj, Romania;[56] a Komárom, Hungary, production base that was acquired through the February 2008 purchase of Mirae Hungary Industrial Manufacturer Ltd;[56] and a Chennai, India, base, which was also completed in 2008.[56] In addition, BYD Electronic has production bases in Huizhou, Tianjin, and at Baolong Industrial Park, Longgang District, Shenzhen.[57] In May 2024, it was announced that BYD Electronic International Co. would be added to Hong Kong’s Hang Seng Index.[58]

Since 2020, BYD Electronics became one of the original equipment manufacturer (OEM) of Apple's iPad.[59] 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 the Phú Thọ province. The first phase of the facility has an annual capacity of 4.32 million tablets and 50 million optical prism products.[60][61]

In August 2023, BYD has agreed to buy several Chinese factories operated by Jabil, a U.S. manufacturer that supplies major components to Apple.[62]

BYD Semiconductor

BYD Semiconductor Co., Ltd. was established in 2020 as the successor to the BYD

light emitting diodes, single chips, and other products.[63] The company planned to issue an initial public offering (IPO) before cancelling it in November 2022 as the company chose to increase investments in wafer production.[64]

BYD Forklift

BYD Forklift was established in 2009 and headquartered in

forklifts with an annual production capacity of 30,000 units. The company marketed its forklifts since 2014.[65]

FinDreams

FinDreams
Hanyu Pinyin
Fúdí

FinDreams (Chinese: 弗迪; pinyin: Fúdí) is the brand name used by four automotive 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),[66] and FinDreams Precision.[67][68]

Its Chinese name, 'Fudi' comes from a poem in the Classic of Poetry, which means honesty, trustworthiness, steadfastness and diligence.[69]

FinDreams Battery

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 and

electric vehicle batteries below CATL.[77]

In early 2022, the company started construction of a

GWh. The first battery pack rolled off the plant in July 2023, and the plant went operational in September 2023.[78]

In June 2023, FinDreams Battery established a joint venture with Huaihai Holding Group, which is best known for

sodium-ion batteries.[79] In January 2024, construction of the sodium-ion manufacturing plant was started. The CN¥10 billion (US$1.4 billion) plant will have a 30 GWh annual production capacity.[80]

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 an intellectual property license to use FinDreams battery pack design and manufacturing process.[81]

In March 2024, FinDreams Battery became a cell supplier to

Megapack starting from the first quarter of 2025.[82]

FinDreams Powertrain

FinDreams Powertrain Co., Ltd. develops and produces engines and powertrain-related parts such as transmissions, axles, electric car platforms and plug-in hybrid systems.[19][70]

FinDreams Technology

FinDreams Technology Co., Ltd. develops and produces automotive electronics and

wiring harness, smart cockpit, advanced driver-assistance system (ADAS), passive safety, braking system, suspension and exhaust, body control, steering system, and body accessories.[19]

FinDreams Precision

FinDreams Precision Co., Ltd. (previously FinDreams Molding)[66] operates moulding manufacturing and research and development.[70]

Rail transit

SkyRail monorail

BYD constructed monorail systems around the world, including the

LAX via the Sepulveda Pass in Los Angeles.[83]

SkyShuttle tram

Pingshan SkyShuttle elevated tram line in Pingshan, Shenzhen is owned by BYD

BYD also offers a

Bishan rubber-tyred tram in Chongqing is operational.[85]

Workforce

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 as China National Petroleum Corporation, State Grid Corporation of China and China Post. By the end of 2023, the company had 703,000 employees, with 133,000 new hires that year.[20] This workforce count is nearly double that of Toyota, which has 475,000 employees.[86]

Research and development

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. The company witnessed a 12.9% rise in R&D personnel, totaling 40,382 in 2021. Notably, BYD achieved a 19.7% year-on-year growth in the number of patents, reaching 29,777 in 2020.[16] In 2022, BYD invested CN¥18.65 billion billion in R&D, marking a year-on-year surge of 133.44 percent.[53] In 2023, BYD spent CN¥39.91 billion on R&D which is 6 percent of its operating income.[87] In 2023, the company 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.[87]

Manufacturing

Supply chain

BYD nickel–metal hydride rechargeable AA battery

BYD is characterized by its

gross profit margin.[16]

BYD diversified into research and development of

DiLink automotive intelligent system, were independently developed. The establishment of FinDreams companies from December 2019 focused on power batteries, automotive lighting, electronics, powertrain, and moulding
.

In early 2020, BYD transitioned its the parts and components division into subsidiary companies, collectively known as FinDreams. This shift enabled independent operations, making component supply to other automotive companies easier.[16]

Facilities

See also: BYD Auto § Facilities
BYD US headquarters in Los Angeles, California, United States

BYD has many production bases, including three locations in

Pingshan District, Shenzhen),[89] as well as sites in Huizhou,[89] Shanxi,[90] and Shanghai.[90]

Auto production bases include an automobile assembly line in

K9 electric bus manufacturing plant in Dalian,[91] a photovoltaic module (solar panel) Bloomberg New Energy Finance Tier 1 manufacturing plant in Beijing, an R&D center and nascent automobile assembly line in Shenzhen, and an R&D center in Shanghai.[92]

US operations can be found in Elk Grove Village, Illinois, and San Francisco, California.[18] BYD also acquired a site for a future North American headquarters in downtown Los Angeles, and has built and operates a manufacturing plant in Lancaster, California, near Los Angeles.[93]

In 2019 a bus plant opened in

Beauvais, France.[100] BYD built a new facility in Chongqing, China for producing its blade battery,[101] which are considered to be the safest EV batteries.[102] The first plant of the company in India was opened in Chennai
.

Recognition

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.[103] In 2010, BusinessWeek ranked BYD the eighth most innovative company in the world[104] and that same year saw Fast Company ranking BYD as the 16th most innovative.[105] In 2016, BYD won the Zayed Future Energy Prize award for Large Corporations for their development of robust rechargeable batteries.[106] 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.[107]

Lawsuits and controversies

See also: BYD Auto § Lawsuits and controversies

In September 2021, BYD appointed Lu Kewen, an online influencer known for spreading antisemitic tropes, as a spokesperson for the company.[108]

On 5 November 2021, a 36-year-old employee was found dead in a rented home. According to his relatives, his sudden death was due to high-intensity overtime work. However, no autopsy was conducted, so the cause of death remains unclear. BYD agreed to pay the deceased employee's family a lump sum of ¥200,000 RMB in compensation.[109]

In the United States

Further information: United States sanctions against China

On 27 April 2020, BYD hired attorney Charles Harder and filed a federal civil complaint in U.S. District Court, Southern District of New York,[110] against Vice Media alleging defamation for a story about BYD using forced Uyghur labor in its supply chain which was published on 11 April 2020.[95] BYD's case was dismissed with prejudice in March 2021.[111]

In November 2020, BYD in the U.S. filed a lawsuit against the

lobbying group that advocated for a ban on using the federal tax budget to purchase rail cars or buses from foreign state-owned or controlled companies such like BYD, which has an electric bus factory in California, U.S. The rule was signed into law as the Transit Infrastructure Vehicle Security Act (TIVSA). BYD alleges that AAM has engaged in a "malicious, fraudulent, outrageous, and reckless campaign" that damages BYD's reputation.[112] The Supreme Court of the United States rejected BYD's suit in August 2022.[113]

In 2022, the United States Department of Commerce found that BYD had circumvented tariffs on solar panels by routing its operations through Southeast Asian countries.[114] In August 2023, the U.S. Department of Commerce issued final determination on BYD, determining they circumvented tariffs.[115]

The National Defense Authorization Act for Fiscal Year 2024 proposed the prohibition of US defense funding for BYD batteries on security grounds.[116][117]

Foxconn disputes

In addition to patent litigation

spun off by BYD later in 2007, delaying the public listing[119] on the Hong Kong stock exchange by half a year.[120]

Foxconn[when?] also opened proceedings in the district where BYD is headquartered, at the Shenzhen Intermediate People's Court,[citation needed] which referred the case to the Supreme 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.[119][additional citation(s) needed]

Afterwards, Foxconn withdrew the civil proceedings against BYD in mainland China, and sought

criminal 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.[119][additional citation(s) needed
]

BYD issued a counterclaim to Foxconn in Hong Kong court, alleging defamation and bribery of Chinese officials as well as intimidation on Foxconn's part.[118]

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