Chinese automaker BYD is not just another name in the growing automotive world; A force to be reckoned with. While the auto industry in China experienced a slowdown in the first half of 2023, BYD was busy breaking records.
The company reported operating income of €33.41 billion, an increase of approximately 60% compared to the previous year. Net profits? EUR 1.41 billion, an astonishing 181.47% increase over last year. But let’s not get too carried away; After all, numbers can be deceiving.
BYD nearly doubled its performance compared to the previous year, selling 1.25 million vehicles in the first half of this year. Now let’s put this in context. The entire new energy vehicle (NEV) market in China, which includes electric vehicles (EVs) and plug-in hybrid electric vehicles (PHEVs), recorded a 40% and 41.7% increase in production and sales, respectively. BYD alone accounted for a significant part of this, with an increase of 88.81% in new energy vehicle sales compared to the previous year. On top of that, BYD recently celebrated the production of its five millionth plug-in vehicle, becoming the world’s first automaker to reach this milestone.
It’s not just about building cars like there’s no tomorrow. BYD is pumping money into research and development like it’s going to be obsolete. It even exceeded its net profit by investing an enormous €1.78 billion in R&D.
BYD is not just a number. It has already diversified its product range to cater to various market segments. In August, BYD introduced Fang Cheng Bao, a brand targeting the mid-high-end market. Its first model, the Leopard 5, is a high-performance EREV SUV. With brands like BYD, Denza, Yangwang and now FCB, the company is expanding its reach into every segment of the market.
Let’s not forget the global goals. BYD sold more than 92,400 vehicles abroad in the first seven months of 2023, a significant increase compared to 55,900 vehicles sold abroad in 2022. BYD vehicles are currently available in 54 countries, including Japan, Germany, Australia, Brazil and the UAE. The company even announced plans to build three new factories in Brazil. BYD climbed 224 steps in just 12 months and ranked 212th on the 2023 Fortune Global 500 list.