BYD Co. Ltd.

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BYD manufactures electric vehicles, batteries, and public transportation systems.

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BYD Co. Ltd. is a Chinese company that develops and manufactures rechargeable batteries, electric vehicles (EVs), rail transit systems, and other new energy technologies. It was founded by Wang Chuanfu in 1995 as the Shenzhen BYD Battery Co. Ltd. and is headquartered in Shenzhen, China.

BYD, an abbreviation for Build Your Dreams, employs 703,000 workers worldwide. For 2024, it reported annual revenue of 777.1 billion yuan ($106.4 billion), a 29% increase from 2023. The company is listed on the Hong Kong and Shenzhen stock exchanges.

BYD has four manufacturing segments:

BYD focused on rechargeable batteries when it was founded in February 1995. Its early efforts were copies of batteries manufactured by Sony and Sanyo, which the company analyzed and attempted to improve. In the ensuing years, it added other types of batteries, such as nickel–metal hydride. Eventually, BYD would become the largest producer of rechargeable batteries in China.

In 2002, looking to expand his company, Wang purchased Qinchuan Automobile, a small car factory in Shaanxi, China, which also included a large tract of land. Wang followed up the purchase with the acquisition of a mold factory in Beijing and a facility specifically for automobile research and development in Shanghai. His goal was to create a car manufacturer able to maintain everything within its corporate sphere, without the need for outside partners.

In its early days, BYD aimed to create affordable, well-made cars for the general public, often by copying to varying degrees other manufacturers’ designs and producing them at its mold factory in Beijing.

BYD’s first mass-produced car was the Flyer, developed by Qinchuan Automobile. In 2005, it debuted the first car developed in-house, the F3. The compact vehicle proved popular in China, with sales exceeding one million. The BYD F3DM, a plug-in hybrid version of the F3, was released a few years later.

In 2008, BYD received a financial boost when Berkshire Hathaway (BRK-A), owned by Warren Buffett, acquired a 10% stake in the company for $230 million.

BYD Auto was founded in 2003 as a subsidiary of BYD and placed its emphasis on the development of electric and hybrid vehicles. It has produced various vehicles over the years, including models such as:

In 2020, BYD created FinDreams, a corporate subgroup that sells electric car components, such as drivetrains and batteries, to other manufacturers. FinDreams comprises five divisions focused on batteries, powertrains, electronics, vision systems, and molding.

In 2024, car components supplier BorgWarner signed a multiyear agreement with FinDreams Battery to provide blade cells to manufacture lithium iron phosphate packs in Europe and other regions. A separate license allows BorgWarner to use FinDreams’ battery pack design and manufacturing process.

BYD has been a formidable competitor to Tesla (TSLA) in the EV market. BYD surpassed Tesla in total electrified vehicle sales (including plug-in hybrids) in 2022 and became the world’s largest seller of battery-electric vehicles in 2025.

In 2024, FinDreams signed an agreement with Tesla to provide the electric car manufacturer’s Shanghai plant with energy storage cells produced by BYD.

BYD established the Truck Research Institute as an R&D facility for electric trucks and specialized vehicles. Its work ranges from vehicle design to test manufacturing, which involves producing a limited number of units to evaluate and refine the manufacturing process.

The company’s Buses Research Institute researches new energy buses—vehicles powered by electricity or renewable fuels. In 2022, the company’s C10MS, a zero-emissions vehicle, became the first electric double-decker bus to pass durability road testing under the U.S. Federal Transit Administration’s guidelines. The testing took place at Pennsylvania State University’s Bus Research and Testing Center in Altoona, Pennsylvania.

Batteries are the lifeblood of BYD, and R&D into new battery technologies is ongoing. In 2020, the company debuted a new lithium iron phosphate (LiFePO4) battery, known as the blade battery, with improved safety and greater energy density.

BYD Semiconductor was founded in October 2004, with BYD retaining a 72.3% stake. In 2020, the company raised 1.9 billion yuan ($265 million) from 14 investors to expand BYD Semiconductor’s capability and scope. BYD planned to list BYD Semiconductor on the Shenzhen Stock Exchange in 2022 but later pulled out as it sought greater investment in wafer production capacity. 

In addition to buses, BYD develops other forms of mass transportation. Over five years, the company spent 5 billion yuan ($719 million) to develop BYD SkyRail, a monorail system that provides public transit in small and midsize cities and connects high-capacity transit with other public transportation.

In 2021, Salvador, Brazil, selected BYD’s SkyRail monorail for an urban transit project intended to reduce traffic congestion and improve regional connectivity.

BYD Co. Ltd., founded in 1995 by Chinese entrepreneur Wang Chuanfu, started life as a battery maker. The company soon transitioned to automobile production and has grown into one of the leading car manufacturers in China, with an increasing global reach. Over the years, BYD has evolved into a worldwide producer of various types of vehicles, batteries, and large-scale public transportation, including municipal monorails.