Electric vehicle powerhouse BYD, hailing from China, has seen a substantial surge in car sales lately. This impressive increase, as reported by the company on Wednesday, amounted to approximately 15.8% year-on-year, reaching around 301 billion yuan (equivalent to roughly 38 billion euros). The profits also swelled, with a notable 24.4% hike, leading to earnings of around 1.7 billion euros.
China, being the world's foremost advocate for electric vehicles, plans to have electric-powered cars accounting for the majority of new vehicles by 2035. This ambitious goal is further fueled by government incentives, which have had a significant impact on sales. For the first time, over half of all new vehicle registrations in China during July were either fully electric or hybrid vehicles.
Previously, BYD primarily operated as a battery manufacturer, but it ventured into the automobile sector in 2003. Now, well-established brands like BMW, Mercedes, Audi, Toyota, and Tesla rely on BYD for their battery needs.
Recently, the Chinese market has seen several new electric vehicle manufacturers emerge as a result of the government subsidies. This surge in competition has led to intense price wars. Unfortunately, manufacturer YPeng reported a loss during the second quarter.
Exports have gained importance for manufacturers, and BYD's success in the electric vehicle market is not limited to China. International brands such as BMW, Mercedes, Audi, Toyota, and Tesla purchase batteries from BYD. Despite allegations of unfair competition and illegal subsidies, Chinese electric vehicle manufacturers, including BYD, are continuing to expand their export markets.
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BYD's success in the global market is largely attributable to its innovative technology, strategic pricing, and market-focused expansion. The company has introduced cutting-edge products like the world's fastest electric motor in mass production and highly adaptable energy storage systems. BYD has also managed to offer high-quality energy storage systems at competitive prices by producing lithium batteries and optimizing its production process.
The company has also expanded rapidly into key markets like Europe and Australia, becoming a household name in Europe while continuously innovating and collaborating with local installers. BYD's energy storage solutions are now used in over 107 countries and regions, with global shipments exceeding 40 GWh.
BYD's commitment to local markets is evident in its investments in Brazil, despite allegations of unfair competition. The company is planning to start local production in Brazil, further enhancing its market presence and customer base.
In recognition of her contribution to BYD's global growth and sustainable technology innovations, Stella Li, the company's chief, was awarded World Car Person of the Year in 2025.
