BYD Company

On February 10, 1995, chemist and engineer Wang Chuanfu founded BYD in Shenzhen with just 2 million yuan borrowed from relatives. The company started as a manufacturer of nickel-cadmium batteries, supplying major electronics firms. Within two years, BYD had captured 40% of the global market for mobile phone batteries. In 2003, Wang made a bold bet: BYD acquired the state-owned Qinchuan Auto Company for about 200 million yuan, entering the automotive industry. Critics called it a mistake. Wang proved them wrong.

BYD launched its first car, the F3 sedan, in 2005. It became China's best-selling sedan within a year. The company introduced the world's first mass-produced plug-in hybrid, the F3 DM, in 2008. Warren Buffett's Berkshire Hathaway invested $230 million that same year, buying a 10% stake. BYD's vertical integration set it apart: the company makes its own batteries, semiconductors, motors, and even the software. This control over the supply chain allowed BYD to weather the chip shortage better than rivals.

Today BYD is the world's largest plug-in electric vehicle manufacturer by sales, having surpassed 5 million cumulative new energy vehicle sales by October 2023. The company employs over 700,000 people across more than 70 countries. Its product range now includes passenger EVs like the Dolphin, Seal, and Atto 3, as well as electric buses, trucks, monorail systems, and energy storage. The Blade Battery, launched in 2020, is a lithium iron phosphate (LFP) pack designed to eliminate thermal runaway and is now used by Tesla and other automakers.[edit]