BYD is actively hiring as record circulation gains momentum

BID Hiring has begun on a massive scale in the past few months as sales and profits reach new levels. Gaining momentum, China’s electric vehicle leader is dramatically ramping up production and expanding its workforce to meet growing demand.

After record sales 1.1 million new energy vehicles (EV and PHEV) were sold in the third quarter. BYD’s net profit rose 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 the first time BYD surpassed Tesla in revenue. placed $25.47 billion. in third quarter revenue. However, BYD’s figures include plug-in hybrid (PHEV) and electric vehicles.

As auto sales continue to gain momentum in China and abroad, BYD has launched a massive hiring drive to help fuel expansion.

According to BYD executive vice president He Zhiqi (via Reuters), the company hired about 200,000 new employees between August and October. BYD also increased production by nearly 200,000 units to meet rising demand.

BYD continues to hire as sales and profits rise

BYD’s dominant performance continued after car sales exceeded 500,000 for the first time last month.

In October, the company sold 500,525 passenger vehicles, of which 310,912 were PHEVs and 189,614 were electric vehicles. BYD’s NEV sales exceeded 3.25 million in October, of which 1.87 million were PHEV models.

In the first nine months of 2024, 1,169,579 all-electric models were sold. BYD is still slightly behind Tesla in the global EV race with 1,293,656 vehicle deliveries.

BYD sold another 189,614 electric vehicles last month, bringing its total to 1,359,193. Since Tesla doesn’t report monthly data, we’ll have to wait for the fourth quarter numbers to come out.

Although BYD is widely known for its extremely affordable cars such as bestseller Chaikastarting at US$10,000 (RMB 69,800), the Chinese EV leader is rapidly expanding into new segments.

Electrek’s Gaze

With new pickup trucks, mid-size smart SUVs, luxury models and electric supercars on the rise, BYD’s recent hiring shouldn’t come as a surprise.

With the influx of competitive models into China, BYD is seeking opportunities to drive growth in key overseas regions such as Southeast Asia, Europe, South and Central America. The company opened its first plant in Thailand this summer, with more planned in Hungary, Turkey, Brazil and Mexico.

Starting out as a battery manufacturer has given BYD a huge advantage as the industry transitions to electric vehicles. BYD not only produces batteries for its cars at a low cost, but also sells them to competitors such as Tesla, Toyota and Volkswagen.

BYD also owns most of its supply chain, further reducing costs. For its popular Dolphin, BYD makes all the components in-house except the windows and tires.

Following the cessation of production of gasoline-powered models in 2022, BYD’s rapid shift to electric models is paying off. With aggressive price cuts and new, cheaper models, BYD has launched a “battle of liberation” as it seeks to further gain market share from ICE vehicles.