What is BYD ranked in China

Tesla overtaken by Chinas BYD as worlds biggest EV maker

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Elon Musks Tesla has been knocked off the top spot as the worlds best-selling electric-vehicle maker for the first time by BYD after recording fewer deliveries than its Chinese rival in the past quarter.

The US group handed over 484,000 cars in the fourth quarter, more than the 473,000 anticipated by analysts but not enough to hold on to its title after BYD reported record sales of battery-only vehicles of 526,000 for the same period.

Teslas dethroning by BYD reflects the rise of what was a little-known Chinese group only a decade ago, which Musk himself has publicly dismissed. While growth at the Warren Buffett-backed Chinese company has been mostly achieved on its home turf, BYD is sharpening its focus on finding new foreign markets including in Europe.

Danni Hewson, head of financial analysis at AJ Bell, said BYDs electric cars were becoming increasingly visible on European roads thanks to keen pricing.

BYDs success in chasing down Tesla also underlines the struggle of legacy automakers from the US, Europe, Japan and Korea to adapt to fast-changing consumer preferences for cheaper, smarter electric vehicles.

In a statement published in China, the Shenzhen-based group called itself the world champion for new energy vehicles after notching total annual sales of more than 3mn for 2023 across its vehicles which also include plug-in hybrid cars.

Teslas annual sales were 1.81mn vehicles in 2023, while BYD delivered 1.58mn fully electric cars.

Through much of the past 12 months, BYD benefited from price cuts sparked by Teslas attempt to chase market share, pushing consumers to consider Chinas lower-cost models, according to analysts.

For any doubters left in the west, I hope this is the final data point that points to BYDs strength and, as importantly, how China EV Inc has bullied its way on to the global stage, said Tu Le, founder of Beijing-based advisory company Sino Auto Insights.

He added that while both companies cut prices on some cars over the past year, Tesla did so much more dramatically, signalling that BYD could distance itself further from the US group over the coming year.

Still, WedbushSecurities analyst Dan Ives said it was an important quarter for Tesla to show strong deliveries and momentum heading into 2024.

Teslas annual sales of 1.8mn last year was a major achievement in a choppy macro [economic environment] for the electric vehicles sector, he added.

BYD was founded by Wang Chuanfu, a former university professor, in the mid-1990s. After focusing on manufacturing rechargeable batteries, including for mobile phones, the company expanded into the car industry in the early 2000s.

The Chinese groups early success prompted Buffetts Berkshire Hathaway to invest in the company in 2008. Despite relying on existing industry technology for many years, BYD has focused on stripping out costs from the production process.

Following years of state support and careful industrial planning by Beijing, Chinas automakers now leverage their countrys control over the production of almost every resource, material and component used to make electric vehicles.

BYDs vertically integrated structure it controls mines and produces batteries and chips has made it the envy of foreign rivals as the global car industry transitions away from the combustion engine.

At the end of last year six out of the top-selling EV models in China, the worlds largest car market, were BYD cars, according to Automobility, a Shanghai-based consultancy. While BYDs share of sales has expanded to more than 35 per cent, Tesla has struggled to keep up with the cadence of product launches by Chinese rivals, the consultancy added.

BYD Company

Chinese manufacturing company

For the vehicle manufacturing and sales subsidiary, see

.

BYD Company Limited

Company type	Public
SEHK:1211SZSE: 002594
Industry	Conglomerate
Founded	10February 1995; 29 years ago(1995-02-10)
Founder	Wang Chuanfu
Headquarters	, China
Area served	Worldwide
Key people	Wang Chuanfu (Chairman, CEO)
Products	Cars, buses, trucks, forklifts, automotive components, monorail train and buses, photovoltaic modules (solar panels), face masks, rechargeable batteries, energy storage and handset components
Revenue	CN602.31billion (2023)
CN30.04 billion (2023)
Total assets	CN679.54 billion (2023)
Total equity	CN140 billion (2023)
Owners
Number of employees	c.570,000 (2022)
Subsidiaries	BYD Auto BYD Electronic BYD Semiconductor BYD Transit Solutions FinDreams
Website	www.bydglobal.com/en/
Footnotes/ references[1][2][3][4][5][6][7][8][9][10][11][12]

BYD Company Limited^[13] or BYD (Chinese: ; pinyin: Byd) is a publicly listed Chinese multinational conglomerate manufacturing company headquartered in Shenzhen, Guangdong province,^[14] founded by Wang Chuanfu in February 1995.^[15] The company has several major subsidiaries: BYD Auto, which produces automobiles including passenger cars and electric buses; BYD Electronics, which produces electronic parts and assembly; and FinDreams, which produces automotive components and electric vehicle batteries.^[16]

BYD's largest subsidiary, BYD Auto, was founded in 2003 and currently is the world's largest electric vehicle manufacturer,^[17] with three other subsidiary brands Denza, Yangwang and Fangchengbao. Since 2009, BYD's automotive business has contributed above 50 percent of its revenue, reaching 76 percent in 2022.^[18][19] Through other subsidiaries, BYD also produces rechargeable batteries (mobile phone batteries, electric vehicle batteries and bulk storage), forklifts, solar panels, semiconductors, and rail transit network.^[20][21]

The " width="50"BYD" name is the pinyin initials of the company's Chinese name Biyadi, which itself was created from company's original trademark Yadi Electronics (, named after the Yadi Road in Dapeng New District, where the company was once based) and the character Bi was just conveniently added to give the company an alphabetical advantage in trade shows. The company later created a backronym slogan "Build Your Dreams".^[22][23]

History[edit]

BYD was founded on 10 February 1995 with a focus on rechargeable nickelcadmium (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 nickelmetal 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.^[24] 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.^[25]

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. Despite BYD's nominal productivity being ten times less than Japanese companies, the unit cost of a Japanese battery was five or six times higher.^[26] 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, BYD secured its position as the second-largest producer of NiMH batteries and the third-largest in Li-ion batteries.^[26] After ten years, 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.^[27][20] BYD started producing mobile phone components in the early 2000s. BYD Electronics was spun off in 2007.^[28]

In September 2008, MidAmerican Energy Holdings, a subsidiary of Warren Buffett's Berkshire Hathaway Inc, invested about US$230million for a 10% (or 9.89%^[29]) share of BYD at HK$8/share.^[30] BYD topped the 2010 Bloomberg Businessweek Tech 100 list, a list of large, fast-growing tech companies.^[31]

In 2016, BYD unveiled a working monorail prototype marketed as "Skyrail" (Chinese: ; lit. 'cloud rail')^[32][33][34] and announced they will enter the global rail transit market.^[35] The first public Skyrail line opened as a 9.7km (6.0mi) long loop line in Yinchuan's flower expo in 2018.^[36][37]

Due to the slowdown of BYD Auto's sales, between 2017 and 2019, BYD saw its net profit has falling sharply for three consecutive years, especially in 2019 when it dropped to CN1.6billion. Wang Chuanfu described it as the "darkest moment", since at that time the company had only one goal, which was to survive.^[38] However, Wang insisted on investing CN8.4billion in research and development.^[39] In 2020, BYD received the equivalent of 2.1 billion in Chinese state subsidies.^[40]

Automobile industry[edit]

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^[41] focused solely on BYD's ambition to become the world's second-largest battery firm, with no mention of venturing into the automobile industry.

In January 2003, Wang made the unexpected decision to acquire Xi'an Qinchuan Auto Company Limited (Qinchuan Auto), despite facing disapproval from the BYD Company's board of directors. At that time, China had 28 car manufacturers, both foreign and local, prompting the government to restrict new entries into the automobile industry unless through the acquisition of an existing player. BYD invested 250million in Qinchuan Auto, aiming to enter the Chinese automobile industry and securing a license for car manufacturing. However, Qinchuan Auto's technology was outdated, and expansion capacity was limited. BYD responded by constructing a new manufacturing plant in the Xi'an Development Zone within the same province, producing conventional petrol-powered cars.^[42]

Within two years, its first car, the BYD F3 made a debut with production starting in April 2005.^[26] 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.^[43][44] In March 2022, BYD ended the production of pure internal combustion engine vehicles to focus on plug-in electric vehicles.^[45]

Currently, the automotive business constitutes the majority of BYD's revenue. In 2022, BYD reported a revenue of around CN324.691 billion 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 CN98.815 billion yuan, marking a 14.3 percent year-on-year increase. In research and development, BYD invested CN18.654 billion in 2022, marking a year-on-year surge of 133.44 percent.^[46]

Corporate affairs[edit]

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.^[47]

Subsidiaries and businesses[edit]

BYD Auto[edit]

BYD Electronics[edit]

BYD Electronics Co., Ltd. () 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.^[48] The company operated several overseas factories,^[49] such as in Cluj, Romania;^[50] a Komrom, Hungary, production base that was acquired through the February 2008 purchase of Mirae Hungary Industrial Manufacturer Ltd;^[50] and a Chennai, India, base, which was also completed in 2008.^[50] In addition, BYD Electronic has production bases in Huizhou, Tianjin, and at Baolong Industrial Park, Longgang District, Shenzhen.^[51]

BYD Semiconductor[edit]

BYD Semiconductor Co., Ltd. was established in 2020 as the successor to the BYD IC Design Department that was established in 2002.^[21] manufactures and distributes semiconductor products such as integrated circuits, insulated gate bipolar transistor modules, light emitting diodes, single chips, and other products.^[52] 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.^[53]

BYD Forklift[edit]

BYD Forklift was established in 2009 and headquartered in Zhenjiang, Shaoguan. It develops and produces electric forklifts with an annual production capacity of 30,000 units. The company marketed its forklifts since 2014.^[54]

FinDreams[edit]

FinDreams

Product type	Automotive components
Owner	BYD Company Limited
Country	China
Introduced	March2020; 4years ago(2020-03)
Simplified Chinese
Hanyu Pinyin	Fd

FinDreams (Chinese: ; pinyin: Fd) 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),^[55] and FinDreams Precision.^[56][57]

Its Chinese name, 'Fudi' comes from a poem in the Classic of Poetry, which means honesty, trustworthiness, steadfastness and diligence.^[58]

FinDreams Battery[edit]

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 energy storage batteries.^[59] It is the world's third largest producer of electric vehicle batteries with a global market share of 12 percent in the first half of 2022. It specializes in lithium iron phosphate (LFP) batteries, including blade battery.^[60] As of November2021^[update], the company has established 15 major production bases in more than 10 cities across China.^[61]

In early 2022, the company started construction of a joint venture plant with FAW Group called FAW-FinDreams to produce battery packs. BYD held 51 percent of the shares, while FAW held the rest. Located in Changchun, Jilin, the plant was designed with a total capacity of 45 GWh. The first battery pack rolled off the plant in July 2023, and the plant went operational in September 2023.^[62]

In June 2023, FinDreams Battery established a joint venture with Huaihai Holding Group, which is best known for electric tricycles and electric scooters, intending to establish the world's largest supplier of sodium-ion batteries.^[63] In January 2024, construction of the sodium-ion manufacturing plant was started. The CN10 billion (US$1.4 billion) plant will have a 30 GWh annual production capacity.^[64]

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.^[65]

The subsidiary also owns Shenzhen BYD Energy Storage Co., Ltd., (previously Shenzhen Pingshan FinDreams Battery Co., Ltd.) that produces energy storage products.^[66] It produces the BYD Home Energy System, simplified as BYD HES, an integrated product combining solar panels, battery, inverter, etc.^[67][68] This system generated electricity from solar power, and then stored it.^[69]

FinDreams Powertrain[edit]

FinDreams Powertrain Co., Ltd. develops and produces engines and powertrain-related parts such as transmissions, axles, electric car platforms and plug-in hybrid systems.^[21][59]

FinDreams Technology[edit]

FinDreams Technology Co., Ltd. develops and produces automotive electronics and chassis-related parts that are used in passenger cars, commercial vehicles, and rail transit.^[59] It has ten major products such as vehicle thermal management, vehicle wiring harness, smart cockpit, advanced driver-assistance system (ADAS), passive safety, braking system, suspension and exhaust, body control, steering system, and body accessories.^[21]

FinDreams Precision[edit]

FinDreams Precision Co., Ltd. (previously FinDreams Molding)^[55] operates moulding manufacturing and research and development.^[59]

Rail transit[edit]

Skyrail monorail[edit]

BYD constructed monorail systems around the world, including the Guang'an Metro and the Guilin Metro in China, Line 17 in So Paulo and the SkyRail Bahia, both in Brazil. BYD is also part of a consortium that was awarded a pre-development contract to build a monorail from the San Fernando Valley to LAX via the Sepulveda Pass in Los Angeles.^[70]

SkyShuttle tram[edit]

BYD also offers a rubber-tyred tram product, known as "SkyShuttle" (Chinese: ; lit. 'cloud bus').^[71] Bishan rubber-tyred tram in Chongqing is operational.^[72]

Manufacturing[edit]

Supply chain[edit]

BYD is characterized by its vertical supply chain system, originating as a battery company in 1995 before venturing into cars (via BYD Auto) in 2003. At the time, BYD also leverages China's low labor costs, transforming production lines for power batteries from capital-intensive to labor-intensive, ensuring a competitive edge through a robust supply chain system and reduced production costs.^[73] Post-entry into the automobile industry, BYD developed the entire automotive industry chain, emphasizing core technology research 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.^[18] While BYD's vertical integration bolsters its industrial chain and mitigates challenges such as the global chip shortage, the model poses challenges in adapting swiftly to market changes, influencing the company's gross profit margin.^[18]

BYD diversified into research and development of semiconductor by establishing BYD Semiconductor in 2020. Core components, including automotive chips and the 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. BYD heavily invested in core component development, with a substantial R&D budget and personnel. Founder Securities data reveals a 7.0% year-on-year increase in BYD's R&D investment, reaching 7.99billion yuan 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.^[18]

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.^[18]

Facilities[edit]

BYD has many production bases, including three locations in Shenzhen^[74] (one of which is on the self-titled 'BYD Road' (simplified Chinese: ; traditional Chinese: ; pinyin: Byd L) in Pingshan District, Shenzhen),^[74] as well as sites in Huizhou,^[74] Shanxi,^[15] and Shanghai.^[15]

Auto production bases include an automobile assembly line in Xi'an, a K9 electric bus manufacturing plant in Dalian,^[75] 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.^[41]

US operations can be found in Elk Grove Village, Illinois, and San Francisco, California.^[20] 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.^[76]

In 2019 a bus plant opened in Newmarket, Ontario to handle orders in Canada.^[77][78][79] BYD has three factories in Brazil, the first of which opened in 2015 for the production of electric buses.^[80] 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.^[81][82] BYD has two electric bus assembly facilities in Europe in Komarom, Hungary and Beauvais, France.^[83] BYD built a new facility in Chongqing, China for producing its blade battery,^[84] which are considered to be the safest EV batteries.^[85] The first plant of the company in India was opened in Chennai.

Recognition[edit]

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.^[86] In 2010, BusinessWeek ranked BYD the eighth most innovative company in the world^[87] and that same year saw Fast Company ranking BYD as the 16th most innovative.^[88] In 2016, BYD won the Zayed Future Energy Prize award for Large Corporations for their development of robust rechargeable batteries.^[89] 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.^[90]

Lawsuits and controversies[edit]

In September 2021, BYD appointed Lu Kewen, an online influencer known for spreading antisemitic tropes, as a spokesperson for the company.^[91]

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.^[92]

In the United States[edit]

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,^[93] 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.^[78] BYD's case was dismissed with prejudice in March 2021.^[94]

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.^[95] In August 2023, the U.S. Department of Commerce issued final determination on BYD, determining they circumvented tariffs.^[96]

The National Defense Authorization Act for Fiscal Year 2024 proposed the prohibition of US defense funding for BYD batteries on security grounds.^[97][98]

Foxconn disputes[edit]

In addition to patent litigation^[30] Foxconn sued BYD in Hong Kong and Illinois 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.^[99] Court proceedings were brought before BYD Electronic was spun off by BYD later in 2007, delaying the public listing^[100] on the Hong Kong stock exchange by half a year.^[101]

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.^{[100][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.^{[100][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.^[99]

See also[edit]

References[edit]

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