- Introduction
- BYD’s founding and early growth
- BYD automobiles
- FinDreams, BYD’s electric vehicle components division
- BYD battles Tesla in the EV market
- BYD’s electric trucks and buses
- BYD’s innovative battery technologies
- The growth of BYD Semiconductor
- BYD Skyrail: Monorail for urban transit
- BYD’s global impact and legacy
BYD Co. Ltd.
- Introduction
- BYD’s founding and early growth
- BYD automobiles
- FinDreams, BYD’s electric vehicle components division
- BYD battles Tesla in the EV market
- BYD’s electric trucks and buses
- BYD’s innovative battery technologies
- The growth of BYD Semiconductor
- BYD Skyrail: Monorail for urban transit
- BYD’s global impact and legacy
- Formerly:
- Shenzhen BYD Battery Co. Ltd. (1995–2002)
- Date:
- 1995 - present
- Headquarters:
- Shenzhen
- Areas Of Involvement:
- automobile
- automotive industry
- battery
- electric car
- manufacturing
BYD Co. Ltd. is a Chinese company that develops and manufactures rechargeable batteries, electric vehicles (EVs), rail transit systems, and other new energy technologies. It was founded by Wang Chuanfu in 1995 as the Shenzhen BYD Battery Co. Ltd. and is headquartered in Shenzhen, China.
BYD—an abbreviation for Build Your Dreams—employs 703,000 workers worldwide. For 2023, BYD reported annual revenue of 602.32 billion yuan ($84.9 billion) with 42% growth. The company is listed on the Hong Kong and Shenzhen stock exchanges.
BYD has four manufacturing segments:
- Rechargeable batteries and other products. The company manufactures and sells lithium-ion and nickel batteries for cell phones, power tools, and other products.
- Mobile handset components and assembly service. This segment builds components for cell phones and assembles them into finished products.
- Automobiles and related products. Produces automobiles and related components and provides services after sale. Rail transit is included in this unit.
- Corporate and others. Encompasses various corporate functions and other miscellaneous operations.
BYD’s founding and early growth
BYD focused on rechargeable batteries when it was founded in February 1995. Its early efforts were knockoffs of batteries manufactured by Sony and Sanyo, which the company analyzed and attempted to improve. In the ensuing years, it added other types of batteries, such as nickel–metal hydride. Eventually, BYD would become the largest producer of rechargeable batteries in China.
In 2002, looking to expand his company, Wang purchased Qinchuan Automobile, a small car factory in Shaanxi, China, which also included a large tract of land. Wang followed up the purchase with the acquisition of a mold factory in Beijing and a facility specifically for automobile research and development in Shanghai. His goal was to create a car manufacturer able to maintain everything within its corporate sphere, without the need for outside partners.
In its early days, BYD aimed to create affordable, well-made cars for the general public, often by copying to varying degrees other manufacturers’ designs and producing them at its mold factory in Beijing.
BYD’s first mass-produced car was the Flyer, developed by Quinchan Automobile. In 2005, it debuted the first car developed in-house, the F3. The compact vehicle proved popular in China, with sales exceeding one million. The BYD F3DM, a plug-in hybrid version of the F3, was released a few years later.
In 2008, BYD received a financial boost when Berkshire Hathaway (BRK-A), owned by Warren Buffett, acquired a 10% stake in the company for $230 million.
BYD automobiles
BYD Auto was founded in 2003 as a subsidiary of BYD and placed its emphasis on the development of electric and hybrid vehicles. It has produced various vehicles over the years, including:
- BYD e6 (2010), designed for city taxis and related uses
- BYD Qin (2012), a plug-in hybrid designed as the successor of the F3DM
- BYD Tang (2015), a midsize sports utility vehicle
- BYD Han (2020), a sport sedan available as a hybrid or fully electric
BYD partners with popular video game
In 2024, BYD partnered with Game Science, the developer of Black Myth: Wukong, a popular video game based on Chinese mythology. The collaboration featured BYD’s electric vehicles in ads and events tied to the game, helping the automaker connect with the game’s fans and a younger, tech-savvy audience.
FinDreams, BYD’s electric vehicle components division
In 2020, BYD created FinDreams, a corporate subgroup created to sell electric car components, such as drivetrains and batteries, to other manufacturers. FinDream comprises five divisions, each responsible for a specific technology:
- FinDreams Battery
- FinDreams PowerTrain
- FinDreams Technology
- FinDreams Vision
- FinDreams Moulding
In 2024, car components supplier BorgWarner signed a multiyear agreement with FinDreams Battery to provide blade cells to manufacture lithium iron phosphate packs in Europe and other regions. A separate license allows BorgWarner to use FinDreams’ battery pack design and manufacturing process.
BYD battles Tesla in the EV market
BYD has been a formidable competitor to Tesla (TSLA) in the EV market. In 2023 Tesla manufactured 1.84 million vehicles, while BYD produced 1.6 million battery-only cars and 1.4 million hybrids, meaning Tesla surpassed BYD solely in battery-only vehicles.
In 2024, FinDreams signed an agreement with Tesla to provide the electric car manufacturer’s Shanghai plant with energy storage cells produced by BYD.
BYD’s electric trucks and buses
BYD established the Truck Research Institute as an R&D facility for electric trucks and specialized vehicles. Its work ranges from vehicle design to test manufacturing, which involves producing a limited number of units to evaluate and refine the manufacturing process.
The company’s Buses Research Institute researches new energy buses—vehicles powered by electricity or renewable fuels. In 2022, the company’s C10MS, a zero-emissions vehicle, became the first electric double-decker bus to pass durability road testing under the U.S. Federal Transit Administration’s guidelines. The testing took place at Pennsylvania State University’s Bus Research and Testing Center in Altoona, Pennsylvania.
BYD’s innovative battery technologies
Batteries are the lifeblood of BYD, and R&D into new battery technologies is ongoing. In 2020, the company released the Blade Battery, a new lithium iron phosphate (LiFeP04) battery with the potential to revolutionize the industry. Key to the Blade Battery is its improved safety and energy density.
The growth of BYD Semiconductor
BYD Semiconductor was founded in October 2004, with BYD retaining a 72.3% stake. In 2020, the company raised 1.9 billion yuan ($265 million) from 14 investors to expand BYD Semiconductor’s capability and scope. BYD planned to list BYD Semiconductor on the Shenzhen Stock Exchange in 2022 but later pulled out as it sought greater investment in wafer production capacity.
BYD Skyrail: Monorail for urban transit
In addition to buses, BYD is developing other forms of mass transportation. Over five years, the company spent 5 billion yuan ($719 million) to develop BYD Skyrail, a monorail system featuring proprietary technology. The system is designed to provide public transit in small and midsize cities and connect high-capacity transit with other public transportation.
In April 2021, BYD announced that Salvador, Brazil, would be the first municipality to install a BYD Skyrail, aiming to address traffic congestion and improve connectivity between regions.
BYD’s global impact and legacy
BYD Co. Ltd., founded in 1995 by Chinese entrepreneur Wang Chuanfu, started life as a battery maker. The company soon transitioned to automobile production and has grown into one of the leading car manufacturers in China, with an increasing global reach. Over the years, BYD has evolved into a worldwide producer of various types of vehicles, cutting-edge batteries, and large-scale public transportation, including municipal monorails.