BYD, the leading Chinese electric vehicle (EV) manufacturer, has reached a monumental milestone by producing nearly one million new energy vehicles (NEVs) in under two months. This achievement was shared on social media platform X (formerly Twitter), coinciding with BYD’s 30th anniversary and the launch of its 10 millionth NEV. This incredible accomplishment highlights BYD’s rapid expansion and dominance in the global electric vehicle market.
In its announcement, BYD emphasized the importance of surpassing the 10 million NEV production mark, calling it a significant achievement in sustainable automotive technology. BYD’s Chairman and President, Wang Chuanfu, reflected on the company’s growth journey, underscoring its focus on innovation and sustainability. This surge in production follows the completion of BYD’s nine millionth NEV—a red Yangwang U9—in late September, with an astonishing production rate of nearly a million vehicles in just a few weeks.
The impressive production boost is also supported by a major hiring initiative, as revealed by BYD Executive Vice President He Zhiqi. Over 200,000 new employees were added to the production teams between August and October, directly contributing to a rise in vehicle output. During the third quarter (July-September), BYD manufactured over 1.3 million NEVs, a significant jump compared to nearly 900,000 units produced in the same period last year.
This production growth has translated into strong financial performance. BYD’s revenue for Q3 increased by 24%, reaching 201.12 billion yuan ($28.25 billion), surpassing Tesla’s quarterly revenue of $25.18 billion for the first time since 2022. While BYD’s operating revenue exceeded Tesla’s, its net profit of 4 yuan per share still lags behind Tesla’s net income of $2.167 billion.
BYD’s full commitment to electric vehicles, highlighted by its decision to end combustion engine production in March 2022, has yielded strong results. By the end of October 2023, BYD’s cumulative sales surpassed 3.25 million vehicles, marking a 36% year-over-year growth. October sales alone topped 500,000 units, also reflecting a 36% increase compared to October 2022.
This continued growth solidifies BYD’s position as a global leader in the electric vehicle market, challenging established automakers and driving the transition to sustainable transportation.
BYD’s success story is a powerful example of how strategic innovation, aggressive expansion, and a commitment to electric mobility are shaping the future of the global automotive industry.
