For the vehicle manufacturing and sales subsidiary, see BYD Auto.
BYD Company Limited
2022-present
Logo since 2022
Type Public
Traded as SEHK: 1211
SZSE: 002594
Industry Conglomerate
Founded February 1995; 28 years ago
Founder Wang Chuanfu
Headquarters Shenzhen, Guangdong, China
Area served Worldwide
Key people Wang Chuanfu (Chairman, CEO)
Products Gasoline and electric cars, battery-powered bicycles, buses, trucks, forklifts, monorail train and buses, photovoltaic modules (solar panels), face masks, rechargeable batteries, energy storage and handset components.
Revenue Increase RMB 424 billion (2022)
Net income Increase RMB 16.6 billion (2022)
Total assets Increase RMB 295.78 billion (2021)
Total equity Increase RMB 104.24 billion (2021)
Owner
Wang Chuanfu (17.6%)
Lu Xiangyang (13.5%)
Berkshire Hathaway (9.8%)
Li Lu (8.2%)
Western Capital Group (7.7%)
Youngy Investment (5.3%)
The Vanguard Group (2.1%)
BlackRock (1.9%)
Dimensional Fund Advisors (0.64%)
Shanghai Samsung Semiconductor (0.3%)
Number of employees Increase c.288,200 (2021)
Subsidiaries
BYD Auto
BYD Electronic
BYD Transit Solutions
Website www.byd.com
Footnotes / references
[1][2][3][4][5][6][7][8][9][10]
BYD Company
Simplified Chinese 比亚迪股份有限公司
Traditional Chinese 比亞迪股份有限公司
Transcriptions
BYD Company Limited[11] or BYD (Chinese: 比亚迪; pinyin: Bǐyǎdí) is a publicly listed Chinese conglomerate manufacturing company headquartered in Shenzhen, Guangdong, China.[12] It was founded by Wang Chuanfu in February 1995.[13] The company has two major subsidiaries, BYD Auto and BYD Electronic.[14]
It is the world’s largest electric vehicle manufacturer, and is a major manufacturer in automobiles (battery electric and hybrid cars, buses, trucks, etc.), battery-powered bicycles, forklifts, solar panels and rechargeable batteries (mobile phone batteries, electric vehicle batteries and bulk storage).[15] Over the past decade, the main business income proportion from the automobile business has remained consistently above 50%.[16]
Name
Chairman Wang Chuanfu explained in 2022 that the “BYD” name is the pinyin initials of the company’s Chinese name Biyadi, which itself was created from company’s original trademark Yadi Electronics (亚迪电子, named after the Yadi Road in Dapeng New District, where the company was once based) and the character Bi was just conveniently added to give the company an alphabetical advantage in trade shows. However, the company later back-formed a slogan, “Build Your Dream”, or more commonly “Build Your Dreams”, to fit the “BYD” name.[17][18]
History
Early growth
BYD was founded in February 1995 with a focus on rechargeable nickel–cadmium (NiCd) batteries. 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. Having identified this market shift in 1993, he moved to Shenzhen with his cousin Lu Xiangyang and founded Shenzhen BYD Battery Company Limited in 1995 to capitalize on the opportunity.[19]
Unlike the capital-intensive and highly automated processes in Japan, BYD implemented a redesigned manufacturing approach by incorporating more manual labour. This manufacturing process, along with in-house production of key machinery, contributed to a substantial reduction in unit costs compared to Japanese competitors. Despite BYD’s nominal productivity being ten times less than Japanese companies, the unit cost of a Japanese battery was five or six times higher.[20] As the result, BYD Company Ltd. rapidly ascended to become the world’s leading NiCd battery manufacturer by July 2002, accounting for 65% of global production. Within seven years, BYD secured its position as the second-largest producer of NiMH batteries and the third-largest in Li-ion batteries.[20]
After ten years, 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.[21][15] Mobile phone components were added to the BYD product line in the early 2000s. BYD Electronic was spun off in 2007.[22]
In September 2008, MidAmerican Energy Holdings, a subsidiary of Warren Buffett’s Berkshire Hathaway Inc, invested about US$230 million for a 10% (or 9.89%[23]) share of BYD at HK$8/share.[24]
BYD topped the 2010 Bloomberg Businessweek Tech 100 list, a list of large, fast-growing tech companies.[25] Replacing machines with labor lowered costs, and the company began expanding beyond batteries, adding automobiles and mobile phone components.[21]
In 2016, BYD unveiled a working monorail prototype marketed as “Skyrail” (Chinese: 云轨; lit. ‘cloud rail’)[26][27][28] and announced they will enter the global rail transit market.[29] The first public Skyrail line opened as a 9.7 km (6.0 mi) long loop line in Yinchuan’s flower expo in 2018.[30][31]
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