BYD, China’s leading new energy vehicle (NEV) manufacturer, affirmed its commitment to advancing research and development (R&D) efforts to drive innovation and enhance market competitiveness. In an exchange announcement, the company unveiled a comprehensive action plan focused on elevating quality standards and delivering shareholder value.
With a robust R&D team comprising over 90,000 engineers, BYD aims to reinforce its technological capabilities and drive productivity through continuous innovation. The company’s dedication to long-term growth is underscored by its strategic emphasis on strengthening core businesses and fostering sustained development.
BYD’s extensive patent portfolio, boasting over 48,000 global applications and 30,000 granted patents, reflects its pioneering spirit and commitment to technological advancement. While specific employee figures were not disclosed, an ESG report from March 2023 indicated a workforce of 570,060 by the end of 2022.
In the automotive sector, BYD’s comprehensive business scope spans vehicle technology and essential components such as batteries, motors, and electronic controls. The company’s ambition to capture a leading position in the premium market is further supported by the launch of several upscale models scheduled for 2024.
Building on its successful rebranding of the Denza joint venture with Daimler, BYD is poised to expand its premium offerings with models like the D9, N7, and N8. Alongside Denza, the company’s premium Fang Cheng Bao and Yangwang brands target distinct market segments, contributing to enhanced profitability and brand recognition.
Recent sales figures underscore the strong demand for BYD’s premium models, with notable deliveries recorded for Denza, Fang Cheng Bao, and Yangwang brands in January. Beyond domestic success, BYD is accelerating its global expansion strategy, with a presence spanning over 70 countries and regions.
BYD’s ambitious internationalization agenda includes plans for localized production facilities in key markets such as Thailand, Brazil, and Hungary. As the company continues to innovate and expand its footprint, it remains poised to drive sustainable growth and shape the future of the global automotive industry.