BYD, a leading name in new energy vehicles (NEVs), continues to set new benchmarks in the automotive industry. At the China Innovation and Technology Festival on December 29, Wang Chuanfu, Founder and Chairman of BYD, announced remarkable milestones, underscoring the company’s dominance in research and development (R&D) and its rapid workforce expansion.
Industry-Leading Workforce and R&D Investment
BYD now boasts nearly one million employees, supported by 11 major research institutes and 110,000 engineers. This makes it the global leader in automotive R&D personnel. The company files an impressive 32 patents daily, reflecting its commitment to innovation.
Since 2011, BYD has grown its engineering team from 20,000 to nearly 110,000. The company significantly ramped up hiring in recent years, doubling its workforce from 280,000 in 2021 to approximately 570,000 in 2022, and nearly a million employees in 2024. Notably, a large portion of this expansion is in production and R&D roles, with over 50,000 fresh graduates recruited in the past three years. Nearly 70% of this year’s recruits hold Master’s or Doctoral degrees, with 80% joining R&D teams.
BYD’s senior leadership is a testament to its focus on nurturing talent from within. Many executives, including He Zhiqi, COO of BYD Passenger Vehicle Business Group, and Yang Dongsheng, Senior Vice President, began their careers at the company as fresh graduates.
The company has invested over 160 billion yuan in cumulative R&D as of Q3 2024, cementing its position as a global leader in innovation.
Record-Breaking Sales in 2024
BYD’s NEV sales reached an impressive 3.7573 million units in the first 11 months of 2024, marking a 40.02% year-over-year growth. By December 30, BYD announced total annual sales of 4.27 million vehicles, far exceeding its original target of 3.6 million.
The company’s power battery segment also demonstrated robust growth. In November alone, BYD’s power battery installed capacity reached 16.87 GWh, bringing the cumulative figure for 2024 to 117.54 GWh.
A Vision for Sustainable Growth
Wang Chuanfu’s announcement at the China Innovation and Technology Festival highlights BYD’s commitment to sustainability and technological excellence. With an expansive workforce, record-breaking sales, and continuous investments in R&D, BYD is not only shaping the future of electric mobility but also setting an industry standard for innovation and growth.
Looking ahead, BYD is poised to maintain its momentum, driven by its strategic focus on talent, cutting-edge technology, and meeting global demand for NEVs.
