BYD Company explained

BYD Company Limited
Former Name:Shenzhen BYD Battery Company Limited (1995–2002)
Type:Public
Traded As:
Founder:Wang Chuanfu
Location City:Shenzhen, Guangdong
Location Country:China
Key People:Wang Chuanfu (chairman, CEO)
Area Served:Worldwide
Industry:Conglomerate
Revenue: (2023)
Operating Income: (2023)
Net Income: (2023)
Assets: (2023)
Num Employees: 704,000 (2024)
Equity: (2023)
Footnotes:[1] [2] [3] [4] [5] [6] [7] [8] [9] [10] [11] [12]
S:比亚迪股份有限公司
T:比亞迪股份有限公司
P:Bǐyàdí Gǔfēn Yǒuxiàn Gōngsī
J:bei2 aa3 dik6 gu2 fan6*2 jau5 haan6 gung1 si1
Order:st

BYD Company Limited or BYD is a publicly listed Chinese multinational manufacturing conglomerate headquartered in Shenzhen, Guangdong, China. It is a vertically integrated company with several major subsidiaries, including BYD Auto which produces automobiles, BYD Electronics which produces electronic parts and assembly, and FinDreams, a brand name of multiple companies that produces automotive components and electric vehicle batteries.

BYD was founded by Wang Chuanfu in February 1995 as a battery manufacturing company. BYD's largest subsidiary, BYD Auto, was founded in 2003 and has grown to become the world's largest manufacturer of plug-in electric vehicles.[13] Since 2009, BYD's automotive business has contributed over 50% of its revenue. By 2023, it contributed over 80% of the company's total revenue.[14] [15] The company also produces rechargeable batteries (handset batteries, electric vehicle batteries and bulk storage), forklifts, solar panels, semiconductors, and rail transit network.[16] Through its subsidiary FinDreams Battery, BYD was the second largest electric vehicle battery producer globally in 2023 after CATL, by producing 15.8% of the world's output.[17]

BYD has been the privately owned company with the largest workforce in China since 2022, ranking only below several state-owned companies., BYD employs 704,000 people, of which 102,000 are research and development (R&D) employees.[18] It also leads by patent applications, by filing over 13,000 patents between 2003 and 2023.[19]

BYD's stock is listed on the Hong Kong Stock Exchange and the Shenzhen Stock Exchange with two types of shares (H and A respectively). The company was ranked 212th on the Fortune Global 500 in 2023.[20]

Name

"BYD" is the pinyin initials of the company's Chinese name Biyadi. The company was originally known as Yadi Electronics (亚迪电子), named after the Yadi Road in Dapeng New District, where the company was once based.[21] According to Wang Chuanfu, when the company was registered, the character "Bi" (比) was added to the name to prevent duplication, and to provide the company with an alphabetical advantage in trade shows.[22] As the name "BYD" had no particular meaning, BYD started adopting a backronymic slogan "Build Your Dreams" when it participated at the 2008 North American International Auto Show in the US.[23] [24] [25]

History

BYD was founded on 10 February 1995 as Shenzhen BYD Battery Company Limited, with a focus on rechargeable nickel–cadmium (NiCd) batteries.[26] While working as a vice supervisor at the Beijing Nonferrous Research Institute, BYD's founder, Wang Chuanfu, noticed an opportunity presented by the shift in Japanese companies from NiCd to high-value nickel–metal hydride (NiMH) and lithium-ion (Li-ion) batteries. He moved to Shenzhen with his cousin Lu Xiangyang and founded the company in 1995 to capitalize on the opportunity.[27] Wang started his business in the back alleys of Buji, a neighbourhood in Shenzhen. Having achieved little success, in 1997 Wang moved his business, also consisting of a battery research institute to Longgang in Shenzhen, where BYD started receiving orders from multinational companies.[28]

BYD grew its business in its early days by implementing a redesigned manufacturing approach by incorporating more manual labour, in contrast of the capital-intensive and highly automated processes in Japan. This manufacturing process, along with in-house production of key machinery, contributed to a substantial reduction in unit costs compared to Japanese competitors by around five or six times lower.[29] BYD quickly became the world's leading NiCd battery manufacturer by July 2002, accounting for 65% of global production. Within seven years, the company secured its position as the second-largest producer of NiMH batteries and the third-largest in Li-ion batteries. By 2012, BYD had captured more than half the world's mobile phone battery market and was the largest Chinese manufacturer (and in the top four globally) of all types of rechargeable batteries.[30]

BYD started producing mobile phone components in the early 2000s. Its electronic business was spun off in 2007 as BYD Electronics.[31]

On 31 July 2002, the company underwent an initial public offering (IPO) on the Hong Kong Stock Exchange. The company announced its target to become the world's second-largest battery firm.[32] [15] Shortly after the IPO, BYD acquired a small automotive manufacturing company, Xi'an Qinchuan Automobile, from state-owned defense company Norinco in January 2003, which was met with disapproval from shareholders, as the plan was not disclosed in the prospectus.[33] Qinchuan was acquired with the intention of developing battery-powered electric vehicles.[34] [35] However, BYD's first cars were conventional petrol vehicle such as the BYD F3, with production starting in April 2005. The company produced its first plug-in hybrid vehicle, the BYD F3 DM in 2008, followed by its first production battery electric vehicle, the BYD e6 in 2009.[36] [37] In March 2022, BYD ended the production of pure internal combustion engine vehicles to focus on plug-in electric vehicles.[38]

In September 2008, MidAmerican Energy Holdings, a subsidiary of Warren Buffett's Berkshire Hathaway Inc, invested about US$230 million for a 9.89%[39] share of BYD at HK$8/share. Buffett credited this investment to Charlie Munger, Berkshire's vice chairman who saw the potential in the company.[40] Since 2022, Berkshire had gradually reduced its shareholding in BYD after its share price increased significantly., Berkshire held a 6.9% stake in BYD.[41]

In 2016, BYD unveiled a working monorail prototype marketed as "Skyrail" [42] [43] [44] and announced they will enter the global rail transit market.[45] The first public Skyrail line opened as a 9.7km (06miles) long loop line in Yinchuan's flower expo in 2018.[46] [47]

Between 2017 and 2019, due to several factors such as the slowdown of BYD Auto's sales, BYD saw its net profit has falling sharply for three consecutive years, especially in 2019 when it dropped to CN¥ 1.6 billion. Wang Chuanfu described it as the "darkest moment", since at that time the company had only one goal, which was to survive.[48] However, Wang insisted on investing CN¥ 8.4 billion in research and development.[49] In 2020, BYD received the equivalent of €2.1 billion in Chinese state subsidies.[50]

In 2020, BYD established four automotive component manufacturers spun-off from BYD divisions branded FinDreams, with the intention of supplying parts to other automotive companies.[51]

Subsidiaries and businesses

BYD Auto

See main article: BYD Auto. BYD Auto was founded in January 2003 by BYD owner Wang Chuanfu, following BYD's acquisition of Xi'an Qinchuan Automobile.[52] It manufactures passenger battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs), collectively known as new energy vehicles (NEVs) in China. It also produces electric buses and trucks. BYD ended production of purely internal combustion engined cars in March 2022.

BYD's automotive business constitutes the majority of BYD's revenue. In 2023, BYD reported a revenue of around from automotive and related products, a year-on-year increase of 48.9% and accounted for 80.27% of BYD's total revenue.[53]

BYD Electronics

BYD Electronic (International) Company Limited
Type:Public
Location City:Shenzhen, Guangdong, China
Area Served:Worldwide
Revenue: (2023)
Operating Income: (2023)
Net Income: (2023)
Assets: (2023)
Num Employees: 150,300 (2023)
Parent:BYD Company Limited
Equity: (2023)
Footnotes:[54]

BYD Electronic (International) Company Limited or simply BYD Electronics manufactures handset components and assembles mobile phones for its customers as an OEM or ODM. Created as a subsidiary of BYD in 2002, it issued an IPO on the Hong Kong Stock Exchange in 2007 having been incorporated in Hong Kong on 14 June 2007.[55]

BYD Electronics operated several overseas factories,[56] such as in Cluj, Romania;[57] a factory in Komárom, Hungary that was acquired through the February 2008 purchase of Mirae Hungary Industrial Manufacturer Ltd; and a factory in Chennai, India, which was also completed in 2008. In addition, BYD Electronic has production bases in Huizhou, Tianjin, and at Baolong Industrial Park, Longgang District, Shenzhen.[58]

As a "one-site mode supplier" especially for mobile phones, the company provides product design, manufacturing, testing, assembly and after sales services. By 2011, notable BYD Electronics customers include Nokia, Motorola, and Samsung.[59] According to Wang Chuanfu in 2021, the company manufactures most Huawei mobile phones.[60]

Since 2020, BYD Electronics became one of the original equipment manufacturer (OEM) of Apple's iPad.[61] It also produces iPads in its factory in Vietnam, which went operational in July 2022. The Vietnamese factory is located at the Phu Ha industrial park in the Phú Thọ province. The first phase of the facility has an annual capacity of 4.32 million tablets and 50 million optical prism products.[62] [63] Apple's plan to produce iPads with BYD in India were cancelled due to government regulations stemming from geopolitical concerns between India and China.[64] [65]

In August 2023, BYD Electronics has agreed to buy several Chinese factories operated by Jabil, a U.S. manufacturer that supplies major components to Apple.[66]

In May 2024, it was announced that BYD Electronics would be added to Hong Kong’s Hang Seng Index.[67]

In July 2024, reports emerged that BYD Electronics alongside Luxshare Precision became part of the iPhone 16 supply chain, after some production of iPhones were moved back from India to China due to quality issues.[68]

BYD Semiconductor

BYD Semiconductor Co., Ltd. was established in 2020 as the successor to the BYD IC Design Department that was established in 2002.[69] manufactures and distributes semiconductor products such as integrated circuits, insulated gate bipolar transistor modules, light emitting diodes, single chips, and other products.[70] The company planned to issue an initial public offering (IPO) before cancelling it in November 2022 as the company chose to increase investments in wafer production.[71]

BYD Forklift

BYD Forklift was established in 2009 and headquartered in Zhenjiang, Shaoguan. It develops and produces electric forklifts with an annual production capacity of 30,000 units. The company marketed its forklifts since 2014.[72]

FinDreams

FinDreams
Type:Automotive components
Currentowner:BYD Company Limited
Origin:China
Module:
Child:yes
S:弗迪
P:Fúdí
Order:st
Hide:no
Also Known As:Trading name

FinDreams is the brand name used by four automotive supplier companies owned by BYD. These companies were announced in March 2020 as spin-offs from BYD. The establishment of FinDreams companies was done to grow sales of components to other automotive companies. The companies include FinDreams Battery, FinDreams Powertrain, FinDreams Technology, FinDreams Vision (cancelled),[73] and FinDreams Precision.[74] [75]

Its Chinese name, 'Fudi' comes from a poem in the Classic of Poetry, which means honesty, trustworthiness, steadfastness and diligence.[76]

FinDreams Battery

FinDreams Battery Co., Ltd. was registered on 5 May 2019 as a successor to BYD Lithium Battery Co. Ltd., which was established in 1998. Its products include consumer batteries, electronic batteries, electric vehicle batteries and energy storage batteries.[77] It specializes in lithium iron phosphate (LFP) batteries, including blade battery.[78], the company has established 15 major production bases in more than 10 cities across China.[79] The subsidiary also owns Shenzhen BYD Energy Storage Co., Ltd., (previously Shenzhen Pingshan FinDreams Battery Co., Ltd.) that produces energy storage products.[80] It produces the BYD Home Energy System, simplified as BYD HES, an integrated product combining solar panels, battery, inverter, etc.[81] [82] This system generated electricity from solar power, and then stored it.[83], FinDreams Battery is the world's second largest producer of electric vehicle batteries below CATL.[84]

In early 2022, the company started construction of a joint venture plant with FAW Group called FAW-FinDreams to produce battery packs. BYD held 51% of the shares, while FAW held the rest. Located in Changchun, Jilin, the plant was designed with a total capacity of 45 GWh. The first battery pack rolled off the plant in July 2023, and the plant went operational in September 2023.[85]

In June 2023, FinDreams Battery established a joint venture with Huaihai Holding Group, which is best known for electric tricycles and electric scooters, intending to establish the world's largest supplier of sodium-ion batteries.[86] In January 2024, construction of the sodium-ion manufacturing plant was started. The CN¥10 billion (US$1.4 billion) plant will have a 30 GWh annual production capacity.[87]

In February 2024, the company signed an 8-year agreement with American automotive supply company, BorgWarner. FinDreams Battery will supply BorgWarner with blade cells for manufacturing LFP battery packs in Europe, the Americas and several Asia Pacific regions. BorgWarner will also secure an intellectual property license to use FinDreams battery pack design and manufacturing process.[88]

In March 2024, FinDreams Battery became a cell supplier to Tesla's energy storage manufacturing in China which operates at the newly built Shanghai Megafactory. It will start supplying 20 percent of the cells needed to produce Tesla's Megapack starting from the first quarter of 2025.[89]

FinDreams Powertrain

FinDreams Powertrain Co., Ltd. develops and produces engines and powertrain-related parts such as transmissions, axles, electric car platforms and plug-in hybrid systems.

FinDreams Technology

FinDreams Technology Co., Ltd. develops and produces automotive electronics and chassis-related parts that are used in passenger cars, commercial vehicles, and rail transit. It has ten major products such as vehicle thermal management, vehicle wiring harness, smart cockpit, advanced driver-assistance system (ADAS), passive safety, braking system, suspension and exhaust, body control, steering system, and body accessories.

FinDreams Precision

FinDreams Precision Co., Ltd. (previously FinDreams Molding) operates moulding manufacturing and research and development.

Rail transit

SkyRail monorail

BYD constructed monorail systems around the world, including the Guang'an Metro and the Guilin Metro in China, Line 17 in São Paulo and the SkyRail Bahia, both in Brazil. BYD is also part of a consortium that was awarded a pre-development contract to build a monorail from the San Fernando Valley to LAX via the Sepulveda Pass in Los Angeles.[90]

SkyShuttle tram

BYD also offers a rubber-tyred tram product, known as "SkyShuttle" .[91] Bishan rubber-tyred tram in Chongqing is operational.[92]

Operations

Workforce

In 2021, BYD had 288,000 employees. BYD workforce reached 570,000 employees in 2022, after the company hired 280,000 employees in a single year. At that year, BYD became the privately owned company with the largest workforce in China, and only below several state-owned companies such as China National Petroleum Corporation, State Grid Corporation of China and China Post. By the end of 2023, the company had 704,000 employees, with 133,000 new hires that year. This workforce count is nearly double that of Toyota, which has 375,000 employees.[93]

On 5 November 2021, a 36-year-old employee of BYD was reported dead in his rented home. According to his relatives, his sudden death was due to high-intensity overtime work. No autopsy was conducted, so the cause of death remains unclear. BYD agreed to pay the deceased employee's family a lump sum of in compensation.[94]

Research and development

BYD heavily invested in core component development, with a substantial R&D budget and personnel. Founder Securities data reveals that BYD's R&D investment reached in 2021 with a 12.9% rise in R&D personnel, totaling 40,382 employees in 2021. The company also increased its patent filing by 19.7% year-on-year in 2020, with 29,777 patents.

In 2022, BYD invested in R&D, more than double than its 2021 budget.[95] In 2023, BYD spent on R&D, which is 6% of its operating income.[96] In that year, the company also recruited 33,000 new R&D personnel, increasing the total number to 102,000. Among these R&D employees, 60% are under the age of 30. Additionally, BYD disclosed in its financial report that the average annual salary for R&D personnel is around .

Manufacturing

Supply chain

BYD is characterized by its vertical supply chain system, originating as a battery company in 1995 before venturing into cars (via BYD Auto) in 2003. At the time, BYD also leverages China's low labour costs, transforming production lines for power batteries from capital-intensive to labour-intensive, ensuring a competitive edge through a robust supply chain system and reduced production costs. Post-entry into the automobile industry, BYD developed the entire automotive industry chain, emphasizing core technology research and development. Proficiency in key components, such as batteries, motors, and electronic control was achieved, marked by a large-scale, fully automated production line for batteries. This vertical integration model strengthened its industrial chain and mitigates challenges such as the global chip shortage.

BYD diversified into research and development of semiconductor by establishing BYD Semiconductor in 2020. Core components, including automotive chips and the DiLink automotive intelligent system, were independently developed. The establishment of FinDreams companies from December 2019 focused on power batteries, automotive lighting, electronics, powertrain, and moulding.

In early 2020, BYD transitioned its the parts and components division into subsidiary companies, collectively known as FinDreams. This shift enabled independent operations for these companies, making component supply to other automotive companies easier.

Facilities

BYD has many production bases, including three locations in Shenzhen[97] (one of which is on the self-titled 'BYD Road' in Pingshan District, Shenzhen), as well as sites in Huizhou, Shanxi,[98] and Shanghai.

Auto production bases include an automobile assembly line in Xi'an, a K9 electric bus manufacturing plant in Dalian,[99] a photovoltaic module (solar panel) Bloomberg New Energy Finance Tier 1 manufacturing plant in Beijing, an R&D center and nascent automobile assembly line in Shenzhen, and an R&D center in Shanghai.[100]

US operations can be found in Elk Grove Village, Illinois, and San Francisco, California. BYD also acquired a site for a future North American headquarters in downtown Los Angeles, and has built and operates a manufacturing plant in Lancaster, California, near Los Angeles.[101]

In 2019 a bus plant opened in Newmarket, Ontario to handle orders in Canada.[102] [103] [104] BYD has three factories in Brazil, the first of which opened in 2015 for the production of electric buses.[105] In April 2017, it inaugurated its second plant for photovoltaic modules. In 2020, BYD opened its third manufacturing plant in the country in Manaus, specifically for lithium iron phosphate batteries, for use in electric buses.[106] [107] BYD has two electric bus assembly facilities in Europe in Komarom, Hungary and Beauvais, France.[108] BYD built a new facility in Chongqing, China for producing its blade battery,[109] which are considered to be the safest EV batteries.[110] The first plant of the company in India was opened in Chennai.

Corporate affairs

Business trends

The key trends of BYD are (as at the financial year ending December 31):[111] [112] [113] [114]

YearRevenue
(CN¥ bn)		Net income
(CN¥ bn)		Revenue sourceNumber of
employees
(k)		Number of
sold passenger
cars (m)[115] 		Source
AutomobileNon-automobile
20161005.055%45%[116]
20171024.053%47%201
20181302.759%41%221[117]
20191271.649%51%2290.44[118]
20201564.253%47%2240.42
20212163.060%40%4180.73[119]
202242416.677%23%5701.8
202360230.080%20%7033.0[120]

Management

Notable members of the senior management of the company are as follows:Executive director

Non-executive directors

Independent non-executive directors

Supervisory Board

Senior management

Recognition

The company has been recognized for innovation; for example it has developed technologies that allow mobile phone batteries to be made at room temperature rather than in expensive, heated dry rooms.[121] In 2010, BYD topped the Bloomberg Businessweek Tech 100 that listed fast-growing tech companies.[122] In that year, BusinessWeek ranked BYD the eighth most innovative company in the world[123] and that same year saw Fast Company ranking BYD as the 16th most innovative.[124] In 2016, BYD won the Zayed Future Energy Prize award for Large Corporations for their development of robust rechargeable batteries.[125] In 2017, PV Magazine awarded BYD the top category of innovation on its newly launched battery storage system that advances progress in three categories: modularity, charging and discharging capacity, and efficiency.[126]

Lawsuits and disputes

In the United States

On 27 April 2020, BYD hired attorney Charles Harder and filed a federal civil complaint in U.S. District Court, Southern District of New York,[127] against Vice Media alleging defamation for a story about BYD being associated with companies alleged to be using forced Uyghur labor in its supply chain which was published on 11 April 2020. BYD's case was dismissed with prejudice in March 2021.[128]

In November 2020, BYD filed a libel lawsuit against Vice Media and the non-profit Alliance for American Manufacturing (AAM) and some of its employees.[129] The Supreme Court of the United States rejected BYD's suit in August 2022.[130]

In 2022, the United States Department of Commerce found that BYD had circumvented tariffs on solar panels by routing its operations through Southeast Asian countries.[131] In August 2023, the U.S. Department of Commerce issued final determination on BYD, determining they circumvented tariffs.[132]

The National Defense Authorization Act for Fiscal Year 2024 proposed the prohibition of US defense funding for BYD batteries on security grounds.[133] [134]

Foxconn disputes

In addition to patent litigation[135] Foxconn sued BYD in Hong Kong and Illinois in 2007, alleging BYD poached 50 Foxconn employees and was complicit in the stealing of trade secrets to set up a competing cell phone manufacturing operation.[136] Court proceedings were brought before BYD Electronic was spun off by BYD later in 2007, delaying the public listing[137] on the Hong Kong stock exchange by half a year.[138]

Foxconn also opened proceedings in the district where BYD is headquartered, at the Shenzhen Intermediate People's Court, which referred the case to the Supreme People's Court, which in turn commissioned an appraisal by the Beijing JZSC Intellectual Property Forensic Center into files in BYD's possession which were alleged to belong to Foxconn. Eventually the Shenzhen court made the final judgment: BYD's files contained non-public information originating from Foxconn, which could bring economic benefits to the holders, thereby, BYD was found guilty of infringing Foxconn's trade secrets.[137]

Afterwards, Foxconn withdrew the civil proceedings against BYD in mainland China, and sought criminal prosecution instead. On 20 March 2008, the former executive director and Vice President of BYD was arrested. Then on 24 and 31 March 2008 two former employees of Foxconn were arrested and sentenced to 1 year and 4 months, and 4 years in prison respectively.[137]

BYD issued a counterclaim to Foxconn in Hong Kong court, alleging defamation and bribery of Chinese officials as well as intimidation on Foxconn's part.[136]

Notes and References

  1. Web site: 比亚迪(002594.Sz)发2022年度业绩，新能源乘用车年销量创新高，净利增446%至166亿元，拟10派11.42元 . 29 March 2023 . 29 March 2023 . https://web.archive.org/web/20230329014859/https://www.zhitongcaijing.com/content/detail/900703.html . live .
  2. Web site: Annual Report 2021 . 6 September 2022 . BYD Global . Hong Kong Stock Exchange (HKEX) . en . 31 March 2022 . https://web.archive.org/web/20220331164839/https://www1.hkexnews.hk/listedco/listconews/sehk/2022/0329/2022032902748.pdf . live .
  3. Web site: BYD Company Limited (BYDDY) Company Profile & Facts - Yahoo Finance . 25 March 2021 . 17 April 2021 . https://web.archive.org/web/20210417194926/https://finance.yahoo.com/quote/BYDDY/profile?p=BYDDY . live .
  4. Web site: Skyrail - BYD USA . 12 October 2023 . en.byd.com/ . en-US . 2 May 2019 . https://web.archive.org/web/20190502004520/https://en.byd.com/skyrail/ . live .
  5. Web site: BYD Company. 27 October 2016. https://web.archive.org/web/20161028085624/http://www.4-traders.com/BYD-COMPANY-LIMITED-5640763/company/. 28 October 2016. live.
  6. Web site: Berkshire Hathaway sells $58.9 million worth of shares in China's BYD. CNA. 6 September 2023. 28 July 2023. https://web.archive.org/web/20230728200920/https://www.channelnewsasia.com/business/berkshire-hathaway-sells-589-million-worth-shares-chinas-byd-3472701. live.
  7. News: Berkshire Hathaway sells $58.9 MLN worth of shares in China's BYD . Reuters . 8 May 2023 . 9 May 2023 . 31 May 2023 . https://web.archive.org/web/20230531094346/https://www.reuters.com/business/berkshire-hathaway-sells-589-mln-worth-shares-chinas-byd-2023-05-08/ . live .
  8. Web site: BYD COMPANY LIMITED : Shareholders Board Members Managers and Company Profile | CNE100001526 | MarketScreener . 1 September 2020 . 17 April 2021 . https://web.archive.org/web/20210417194939/https://m.marketscreener.com/quote/stock/BYD-COMPANY-LIMITED-12615771/company/ . live .
  9. Web site: BYD COMPANY LIMITED : Shareholders Board Members Managers and Company Profile | CNE100001526 | MarketScreener . 1 September 2020 . 17 April 2021 . https://web.archive.org/web/20210417194940/https://m.marketscreener.com/quote/stock/BYD-COMPANY-LIMITED-12615771/company/ . live .
  10. News: Samsung sells $1.3 bn stake in China's BYD, keeps watchers puzzled . 9 May 2023 . 17 September 2023 . https://web.archive.org/web/20230917173612/https://www.kedglobal.com/m-as/newsView/ked202109060001#:~:text=Samsung%20Electronics%20Co.%20has%20sold,electric%20and%20self%2Ddriving%20vehicles. . live .
  11. Web site: 定焦One . 2023-10-25 . 比亚迪"膨胀"：如何管好60万人？-36氪 . BYD's "expansion": How to manage 600,000 people? . 2023-12-24 . 36kr.com . 24 December 2023 . https://web.archive.org/web/20231224160546/https://36kr.com/p/2489097694304389 . live .
  12. Web site: 【图】增长42.04% 比亚迪2023年营收6023.15亿_汽车之家 . Growth of 42.04%, BYD’s revenue in 2023 is 602.315 billion . 2024-03-27 . www.autohome.com.cn . 27 March 2024 . https://web.archive.org/web/20240327105347/https://www.autohome.com.cn/news/202403/1294807.html . live .
  13. Web site: Anna . Cooban . He . Laura . 2024-03-26 . BYD's profit soared 80% in the year the Chinese EV giant overtook Tesla . 2024-03-29 . CNN Business . en.
  14. Qu . Yingming . 5 April 2023 . The Advantages of Supply Chain Integration in Electric-vehicle Industry: Evidence from BYD . Highlights in Business, Economics and Management . 7 . 179–185 . 10.54097/hbem.v7i.6940 . 2957-952X . free.
  15. Web site: 2023-08-19 . 当下的比亚迪，能不能代表中国汽车？ . Can current BYD represent Chinese automobiles? . 2023-12-25 . Sina Finance . 4 January 2024 . https://web.archive.org/web/20240104054927/https://finance.sina.cn/stock/relnews/hk/2023-08-19/detail-imzhtrfw0743695.d.html . live .
  16. Gunther . Marc . 13 April 2009 . Why Warren Buffett is investing in electric car company BYD . dead . . https://web.archive.org/web/20090427114106/https://money.cnn.com/2009/04/13/technology/gunther_electric.fortune/ . 27 April 2009 . 2 May 2009.
  17. Web site: Kang . Lei . 2024-02-07 . Global EV battery market share in 2023: CATL 36.8%, BYD 15.8% . 2024-07-04 . CnEVPost . en-US . 3 March 2024 . https://web.archive.org/web/20240303063350/https://cnevpost.com/2024/02/07/global-ev-battery-market-share-in-2023/ . live .
  18. Web site: 2023-12-21 . 中国第一大民企诞生，坐拥60万员工-36氪 . China's largest private enterprise was born, with 600,000 employees . live . https://web.archive.org/web/20240615081341/https://36kr.com/p/2570393971402376 . 15 June 2024 . 2024-06-15 . 36kr.com.
  19. Web site: Shimizu . Naoshige . 2023-09-21 . BYD outpaces Tesla 16-fold in patent filings . live . https://web.archive.org/web/20240713165407/https://asia.nikkei.com/Spotlight/Electric-cars-in-China/BYD-outpaces-Tesla-16-fold-in-patent-filings . 13 July 2024 . 2024-07-13 . Nikkei Asia . en-GB.
  20. Web site: Hui . Mary . 2023-08-02 . Chinese EV maker BYD is rocketing up Fortune's Global 500 ranking . 2024-07-04 . Quartz . en . 29 July 2024 . https://web.archive.org/web/20240729014018/https://qz.com/chinese-ev-maker-byd-is-rocketing-up-fortune-s-global-5-1850700929 . live .
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  101. For Illinois location, see Web site: Chinese Auto Maker BYD Locating its North American Headquarters Downtown on Figueroa . blogdowntown . 30 April 2010 . 1 May 2010 . https://web.archive.org/web/20100504055949/http://blogdowntown.com/2010/04/5321-chinese-auto-maker-byd-locating-its-north . 4 May 2010 . dead. *For California location, see Web site: Chinese auto, solar firm BYD chooses LA as its US headquarters . . 30 April 2010 . 1 May 2010 . https://web.archive.org/web/20100503153018/http://www.contracostatimes.com/california/ci_14986910 . 3 May 2010 . live .
  102. Web site: BYD Opens First Canadian Bus Assembly Plant. BYD North America. 24 January 2020. 17 April 2021. https://web.archive.org/web/20210417195349/https://en.byd.com/news-posts/byd-opens-first-canadian-bus-assembly-plant/. live.
  103. News: Newhauser. Daniel. Hamilton. Keegan. 11 April 2020. Trump Blacklisted This Chinese Company. Now It's Making Coronavirus Masks for U.S. Hospitals.. Vice News. live. 30 April 2020. https://web.archive.org/web/20200422081513/https://www.vice.com/en_us/article/qjdqnb/trump-blacklisted-this-chinese-company-now-its-making-coronavirus-masks-for-us-hospitals. 22 April 2020.
  104. News: Myers. John. 20 April 2020. Newsom's secretive $1-billion mask deal with Chinese automaker sparks bipartisan concerns. Los Angeles Times. live. 30 April 2020. https://web.archive.org/web/20200422215130/https://www.latimes.com/california/story/2020-04-20/gavin-newsom-n95-masks-byd-chinese-company-california-legislature. 22 April 2020.
  105. Web site: Press Release: BYD Company Announces First Factory In Brazil. 11 January 2021. BYD USA. en-US. 13 January 2021. https://web.archive.org/web/20210113042618/https://en.byd.com/news-posts/byd-company-announces-first-factory-in-brazil/. live.
  106. Web site: BYD opens electric bus battery factory in Brazil. 11 January 2021. www.electrive.com. September 2020. 26 January 2021. https://web.archive.org/web/20210126145343/https://www.electrive.com/2020/09/01/byd-opens-factory-in-brazil-to-make-batteries-primarily-for-electric-buses/. live.
  107. Web site: 1 September 2020. BYD Starts Operations at its Lithium Iron Phosphate Battery Factory in Brazil. live. https://web.archive.org/web/20201025110210/https://www.byd.com/en/news/2020-09-01/BYD-Starts-Operations-at-its-Lithium-Iron-Phosphate-Battery-Factory-in-Brazil. 25 October 2020.
  108. Web site: Editorial. 15 May 2019. BYD: Electric bus production in Hungary will grow. 12 January 2021. Sustainable Bus. en-US. 14 January 2021. https://web.archive.org/web/20210114075913/https://www.sustainable-bus.com/news/byd-big-plans-for-europe-electric-bus-production-in-hungary-will-grow/. live.
  109. Web site: A Glimpse into BYD's Blade Battery Factory in Chongqing. 11 January 2021. FinanzNachrichten.de. de. 6 November 2020. https://web.archive.org/web/20201106131220/https://www.finanznachrichten.de/nachrichten-2020-06/49856720-a-glimpse-into-byd-s-blade-battery-factory-in-chongqing-011.htm. live.
  110. Web site: Krivevski. Blagojce. BYD Launches Blade Battery Pack Set to 'Redefine' EV Safety Standards. 30 March 2020 . 11 January 2021. en-US. 30 November 2020. https://web.archive.org/web/20201130174819/https://electriccarsreport.com/2020/03/byd-launches-blade-battery-pack-set-to-redefine-ev-safety-standards/. live.
  111. Web site: BYD Fundamentalanalyse KGV Kennzahlen . 2024-08-02 . boerse.de . de.
  112. Web site: 2024-08-02 . BYD Fundamentals (2017-2023) . https://web.archive.org/web/20240802113345/https://www.boerse.de/fundamental-analyse/BYD-Aktie/CNE100000296 . dead . 2024-08-02 . 2024-08-02 .
  113. Web site: Latest Announcements . 2 August 2024 . BYD.
  114. Web site: Periodic Reports . 2 August 2024 . BYD.
  115. Web site: BYD: total vehicle production yearly . 2024-08-02 . Statista . en.
  116. Web site: 2018-03-27 . BYD Company Limited 2017 Annual Results Announcement . 2024-07-13 . BYD Global . 13 July 2024 . https://web.archive.org/web/20240713172119/https://www.bydglobal.com/sitesresources/common/tools/generic/web/viewer.html?file=%2Fsites%2FSatellite%2FBYD%20PDF%20Viewer%3Fblobcol%3Durldata&blobheader=application%252Fpdf&blobkey=id&blobtable=MungoBlobs&blobwhere=1638928234345&ssbinary=true . live .
  117. Web site: 2020-04-21 . BYD Company Limited 2019 Annual Results Announcement . 2024-07-13 . BYD Global . 13 July 2024 . https://web.archive.org/web/20240713171910/https://www.bydglobal.com/sitesresources/common/tools/generic/web/viewer.html?file=%2Fsites%2FSatellite%2FBYD%20PDF%20Viewer%3Fblobcol%3Durldata&blobheader=application%252Fpdf&blobkey=id&blobtable=MungoBlobs&blobwhere=1638928247915&ssbinary=true . live .
  118. Web site: 2021-03-29 . BYD Company Limited 2020 Annual Results Announcement . 2024-07-13 . BYD Global . 13 July 2024 . https://web.archive.org/web/20240713171905/https://www.bydglobal.com/sitesresources/common/tools/generic/web/viewer.html?file=%2Fsites%2FSatellite%2FBYD%20PDF%20Viewer%3Fblobcol%3Durldata&blobheader=application%252Fpdf&blobkey=id&blobtable=MungoBlobs&blobwhere=1638928266846&ssbinary=true . live .
  119. Web site: 2023-03-28 . BYD Company Limited 2022 Annual Results Announcement . 2024-07-13 . BYD Global . 26 July 2024 . https://web.archive.org/web/20240726133641/https://www.bydglobal.com/sitesresources/common/tools/generic/web/viewer.html?file=%2Fsites%2FSatellite%2FBYD%20PDF%20Viewer%3Fblobcol%3Durldata&blobheader=application%252Fpdf&blobkey=id&blobtable=MungoBlobs&blobwhere=1638928374148&ssbinary=true . live .
  120. Web site: 2024-03-26 . BYD Company Limited 2023 Annual Results Announcement . 2024-07-13 . BYD Global . 13 July 2024 . https://web.archive.org/web/20240713171255/https://www.bydglobal.com/sitesresources/common/tools/generic/web/viewer.html?file=%2Fsites%2FSatellite%2FBYD%20PDF%20Viewer%3Fblobcol%3Durldata&blobheader=application%252Fpdf&blobkey=id&blobtable=MungoBlobs&blobwhere=1638928466257&ssbinary=true . live .
  121. http://www.economist.com/specialreports/displaystory.cfm?story_id=15879359First break all the rules: A special report on innovation in emerging markets; The charms of frugal innovation
  122. The Tech 100 . dead . https://web.archive.org/web/20100524080821/http://www.businessweek.com/interactive_reports/it100_2010.html?chan=technology_special+report+--+tech+100_special+report+--+tech+100 . 24 May 2010 . 26 May 2010 . BusinessWeek.
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  125. Web site: 18 January 2016 . Zayed Future Energy Prize winners announced . 8 September 2023 . gulfnews.com . en . 8 September 2023 . https://web.archive.org/web/20230908033955/https://gulfnews.com/uae/government/zayed-future-energy-prize-winners-announced-1.1655783 . live .
  126. Web site: BYD STRIDES FORWARD WITH A HIGH VOLTAGE BATTERY STORAGE SYSTEM, PV Magazine 2017-12-08 Retrieved 2018-05-25 . dead . https://web.archive.org/web/20180526041951/https://www.currentgeneration.co.nz/solargridconnected/BYD+STRIDES+FORWARD+WITH+A+HIGH+VOLTAGE+BATTERY+STORAGE+SYSTEM.html . 26 May 2018 . 25 May 2018.
  127. News: BYD files federal defamation lawsuit against VICE . live . 28 April 2020 . https://web.archive.org/web/20200521150746/https://www.thefourth-revolution.com/news/byd-files-federal-defamation-lawsuit-against-vice/ . 21 May 2020.
  128. Web site: BYD Co. v. VICE Media LLC, 20-cv-3281 (AJN) Casetext Search + Citator . 25 October 2021 . casetext.com . 25 October 2021 . https://web.archive.org/web/20211025160547/https://casetext.com/case/byd-co-v-vice-media-llc?__cf_chl_jschl_tk__=pmd_CDbT_HNJa_Y.RkQmW8Vk1QOe84h_ChDw_YkgQShvR64-1635144897-0-gqNtZGzNAjujcnBszQil . live .
  129. Web site: Allen . Bethany . 2024-07-28 . Libel Lawfare . 2024-07-29 . . en-US . 29 July 2024 . https://web.archive.org/web/20240729015033/https://www.thewirechina.com/2024/07/28/libel-lawfare-chinese-companies-defamation-suit-anti-slapp/ . live .
  130. Web site: 2022-08-11 . BYD Company Ltd., Petitioner v. Alliance for American Manufacturing, et al. . 2024-06-04 . . 4 June 2024 . https://web.archive.org/web/20240604162942/https://www.supremecourt.gov/search.aspx?filename=/docket/DocketFiles/html/Public/22-137.html&eType=EmailBlastContent&eId=24965dda-6113-4e33-8953-74dfd3f5c5ab . live .
  131. News: Hayashi . Yuka . 2 December 2022 . Chinese Solar Manufacturers Dodged U.S. Tariffs, Probe Finds . . 3 December 2022 . 3 December 2022 . https://web.archive.org/web/20221203000714/https://www.wsj.com/articles/chinese-solar-manufacturers-dodged-u-s-tariffs-probe-finds-11669952820 . live .
  132. Web site: DOC Issues . Morgan Lewis . 7 March 2024 . 7 March 2024 . https://web.archive.org/web/20240307202944/https://www.morganlewis.com/pubs/2023/09/doc-issues-final-decision-in-auxin-solar-case-on-certain-cells-and-modules-from-southeast-asia . live .
  133. News: Singh . Kanishka . 7 December 2023 . Key provisions of the US Congress' massive defense bill . en . . 7 December 2023 . 7 December 2023 . https://web.archive.org/web/20231207203215/https://www.reuters.com/world/us/key-provisions-us-congress-massive-defense-bill-2023-12-07/ . live .
  134. News: January 19, 2024 . US to Ban Pentagon Battery Purchases From China's CATL, BYD . January 20, 2024 . . 19 January 2024 . https://web.archive.org/web/20240119173522/https://www.bloomberg.com/news/articles/2024-01-19/us-will-ban-pentagon-procuring-batteries-from-china-s-catl-byd . live .
  135. News: Joanne. Chiu. Alison. Leung. 29 September 2008. Buffett's BYD endorsement sends shares soaring. Reuters. live. 3 May 2009. https://web.archive.org/web/20090207143839/http://www.reuters.com/article/innovationNews/idUSTRE48S19B20080929. 7 February 2009.
  136. Web site: A look inside Foxconn - where iPhones are made: a postmodern Chinese industrial empire that was blighted by suicides. NBC News. 12 September 2010. 22 May 2019. https://web.archive.org/web/20190615025244/http://www.nbcnews.com/id/39099077/ns/business-us_business/t/look-inside-foxconn-where-iphones-are-made. 15 June 2019. dead.
  137. Web site: Commercial espionage between Foxconn and BYD . ipr.chinadaily.com.cn . 22 May 2019 . https://web.archive.org/web/20161018063406/http://ipr.chinadaily.com.cn/2012-12/25/content_16053023.htm . 18 October 2016 . live .
  138. Web site: Move to metal casings for smartphones to benefit BYD Electronic, Ju Teng . South China Morning Post . en . 15 April 2014 . 22 May 2019 . https://web.archive.org/web/20170611234904/http://www.scmp.com/business/china-business/article/1482794/move-metal-casings-smartphones-benefit-byd-electronic-ju . 11 June 2017 . live .

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