Chinese electric vehicle giant BYD has reported a remarkable surge in production and revenue, surpassing Tesla in quarterly sales for the first time since 2022. The company’s aggressive hiring strategy, adding over 200,000 employees in just three months, has fueled a near 200% increase in new energy vehicle production. This growth is driven by a focus on plug-in hybrid vehicles, with BYD producing over 800,000 units in the period.
The Beijing Auto Show, China’s largest auto exhibition, showcased an array of new electric vehicles (EVs) from both domestic and international automakers. The event highlighted China’s transition to an all-electric automotive market, with automakers unveiling 117 new models and 278 NEVs, aligning with the recent milestone of NEV sales surpassing 50% in China. Foreign automakers also announced plans to invest in local production and research to keep pace with the electric shift.
The 133rd Canton Fair witnessed a notable return of foreign importers, particularly in the new energy vehicle and smart mobility sectors. This surge indicates growing global demand for China’s cost-effective and innovative products. Exporters expressed positive sentiments, noting increased interest from overseas buyers compared to recent years. Despite challenges in traditional manufacturing sectors, China’s progress in advanced electronics and green products is attracting attention. The fair remains a barometer for China’s exports, highlighting its transition to higher-value industries.
