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BYD, the world’s leading manufacturer of new energy vehicles (NEVs) and power batteries, has made a significant leap in the 2024 Fortune Global 500 list. The company is now ranked at No. 143, up from No. 212 last year, marking its third consecutive year on the list. This achievement solidifies BYD as the fastest-growing brand among all automotive companies named in the category.
Key Highlights:
- Revenue Growth: BYD’s annual revenue soared to 602.32 billion yuan in 2023, a 42% year-over-year increase.
- Sales Milestone: Over 3 million NEVs sold in 2023, breaking into the top ten best-selling car brands globally.
- Global Expansion: BYD’s presence now spans 88 countries and regions, with production bases in Brazil, Hungary, and Uzbekistan.
- R&D Investment: In 2023, R&D investment approached 40 billion yuan, a 97% increase from the previous year.
In 2023, BYD achieved unprecedented success, with annual revenue soaring to 602.32 billion yuan—a 42% year-over-year increase. The company set a new record with over 3 million NEVs sold last year, breaking into the top ten best-selling car brands globally. This marked the first time a Chinese automaker achieved this milestone in the history of China’s automotive industry. BYD continued its strong performance in 2024, with cumulative sales exceeding 1.9 million units from January to July and ranking eighth among the best-selling car brands worldwide for the first half of the year.
This year, BYD accelerated its global expansion. As of last month, overseas market sales surpassed 233,000 units, nearly equaling last year’s total overseas sales. On July 4, 2024, BYD’s 8 millionth NEV rolled off the production line in Thailand, marking the official start of production at its Thai factory. Today, BYD finds its presence in 88 countries and regions, across over 400 cities, with production bases also established in Brazil, Hungary, and Uzbekistan, enhancing its global product prowess and contributing to the green transformation of the global automotive industry.
These achievements are driven by BYD’s unwavering commitment to technological innovation. In 2023, R&D investment approached 40 billion yuan, reflecting a notable 97% increase from the previous year and bringing the cumulative R&D investment to 140 billion yuan. As of now, BYD has globally applied for over 48,000 patents, of which more than 30,000 have been granted. With over 100,000 R&D personnel, BYD continues to provide robust technical support for advancing the new energy sector.
BYD’s impressive rise in the Fortune Global 500 this year underscores its role as a leader in the new energy vehicle industry. With ongoing innovation and global expansion, BYD is not only transforming the automotive landscape but also reinforcing its position as a front-runner. Committed to advancing global green mobility and setting industry standards, BYD is well-positioned to continue its pioneering journey into the future.
About BYD
BYD is a multinational high-tech company devoted to leveraging technological innovations for a better life. Founded in 1995 as a rechargeable battery maker, BYD now boasts a diverse business scope covering automobiles, rail transit, new energy, and electronics, with over 30 industrial parks in China, the United States, Canada, Japan, Brazil, Hungary, and India. From energy generation and storage to its applications, BYD is dedicated to providing zero-emission energy solutions that reduce global reliance on fossil fuels. Its new energy vehicle footprint now covers 6 continents, over 88 countries and regions, and more than 400 cities. Listed in both Hong Kong and Shenzhen Stock Exchanges, the company is known to be a Fortune Global 500 enterprise that furnishes innovations in pursuit of a greener world. For more information, please visit www.bydglobal.com.
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