BYD went on a hiring spree over the past few months as sales and profits reached new levels. With momentum building, China’s EV leader is drastically ramping up production and expanding its workforce to meet the higher demand.
After selling a record 1.1 million new energy vehicles (EVs and PHEVs) in the third quarter, BYD’s net income surged to $1.6 billion (RMB 11.6 billion) on revenue of $28.2 billion (RMB 201.1 billion). Both were new quarterly records.
It was also BYD’s first time surpassing Tesla in revenue, which posted $25.47 billion in Q3 revenue. However, BYD’s figures include plug-in hybrid (PHEV) models and EVs.
As vehicle sales continue gaining momentum in China and overseas, BYD went on a major hiring spree to help fuel the expansion.
According to BYD’s executive vice president, He Zhiqi (via Reuters), the company hired nearly 200,000 new employees between August and October. BYD also ramped up production by close to 200,000 units to meet the higher demand.
BYD goes on hiring spree as sales, and profits surge
BYD’s dominant performance continued after vehicle sales topped 500,000 for the first time last month.
The company sold 500,525 passenger vehicles in October, 310,912 of which were PHEVs and 189,614 were EV models. Through October, BYD’s NEV sales topped 3.25 million, with 1.87 million being PHEV models.
With 1,169,579 all-electric models sold through the first nine months of 2024, BYD is still slightly behind Tesla in the global EV race with 1,293,656 vehicle deliveries.
BYD sold another 189,614 EVs last month, bringing its total to 1,359,193. Since Tesla does not report monthly figures, we will have to wait until the Q4 numbers come out.
Although BYD is widely recognized for its extremely affordable vehicles, like its best-selling Seagull, which starts under $10,000 (69,800 yuan), China’s EV leader is rapidly expanding into new segments.
Electrek’s take
With new pickup trucks, mid-size smart SUVs, luxury models, and electric supercars launching, BYD’s recent hiring spree should come as no surprise.
With an influx of competitive models entering China, BYD is looking to key overseas regions like Southeast Asia, Europe, and South and Central America to drive growth. The company opened its first manufacturing plant in Thailand this summer, with several more planned in Hungary, Turkey, Brazil, and Mexico.
Starting as a battery maker has given BYD a drastic advantage as the industry shifts to electric vehicles. Not only does it build batteries for its vehicles at a low cost, but BYD also sells them to rivals like Tesla, Toyota, and Volkswagen.
BYD also owns most of its supply chain, driving down costs further. For its popular Dolphin, BYD makes every component in-house except the windows and tires.
After it stopped building gas-powered models in 2022, BYD’s quick shift to electric models is paying off. With aggressive price cuts and new lower-priced models, BYD has declared a “liberation battle” as it aims to continue taking market share from ICE vehicles.
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