BYD Company Limited

What does BYD own?
BYD Company Limited owns BYD Auto, the world's largest new energy vehicle manufacturer, as well as BYD Electronics, a contract electronics manufacturer serving major smartphone brands. The company also controls FinDreams Battery, a lithium iron phosphate battery supplier to third-party automakers, BYD Semiconductor, a power electronics manufacturer, and BYD's commercial vehicle divisions producing electric buses and trucks. The Denza premium vehicle brand is wholly owned by BYD after the company took full control from Mercedes-Benz in 2024.

Is BYD publicly traded?
Yes, BYD Company Limited is listed on two stock exchanges. The company's H-shares trade on the Hong Kong Stock Exchange under ticker 1211, and its A-shares trade on the Shenzhen Stock Exchange under ticker 002594. BYD Electronics (International) Co., Ltd., a subsidiary handling mobile handset components, is separately listed on the Hong Kong Stock Exchange.

Who founded BYD?
BYD was founded by Wang Chuanfu and Lu Xiangyang on 10 February 1995 in Shenzhen, China. Wang Chuanfu, who was 29 years old at the time, had previously worked as a researcher at the Beijing Nonferrous Research Institute and identified an opportunity in rechargeable battery manufacturing as Japanese companies shifted to higher-value battery chemistries. Wang continues to serve as chairman and president of BYD as of 2026.

Where is BYD headquartered?
BYD is headquartered in Shenzhen, Guangdong Province, China. The company's main campus is located in the Pingshan District of Shenzhen, which houses its primary vehicle manufacturing, battery production, and research and development operations. BYD also operates manufacturing facilities across multiple Chinese provinces as well as in Thailand, Uzbekistan, Brazil, Hungary, Turkey, and Indonesia.

What is BYD's revenue?
BYD reported total revenues of CNY 803.9 billion ($116 billion) in FY2025, up 3.5% from FY2024. Net profit fell 19% to CNY 32.6 billion ($4.7 billion), the first annual profit decline since 2021. In Q1 2026, revenue declined 11.82% to CNY 150.2 billion and net profit fell 55.38% to CNY 4.08 billion, reflecting domestic market deterioration following the withdrawal of NEV subsidies.

How many vehicles did BYD sell in 2025?
BYD delivered 4,602,436 vehicles in FY2025, up 7.7% from the prior year. Of these, 2.26 million were pure electric vehicles, up 28%, and the remainder were plug-in hybrids. Overseas deliveries surged 151% to 1,046,083 units, while domestic sales declined almost 8% to 3,556,353 vehicles. BYD overtook Tesla as the world's largest pure EV maker in 2025.

Who owns BYD?
BYD Company Limited is a publicly listed company with no single controlling shareholder holding a majority stake. Wang Chuanfu, the founder and chairman, holds a significant personal stake in the company. Berkshire Hathaway, which had held approximately 6.9% of BYD as of June 2024, fully divested its position by September 2025 after a 17-year investment that generated a return of approximately 3,890%. The remaining shares are held by institutional investors and public shareholders.

Has BYD faced regulatory action in international markets?
Yes. In October 2024, the European Commission imposed additional tariffs of approximately 17.4% on BYD vehicles imported from China following an anti-subsidy investigation, on top of the existing 10% import duty. In the United States, the US Department of Defense stated in October 2025 that BYD merits inclusion on a list of companies linked to China's military. The National Defense Authorization Act for Fiscal Year 2024 prohibits the US Department of Defense from procuring BYD batteries on security grounds.

Wang Chuanfu founded BYD on 10 February 1995 in Buji Town, Longgang District, Shenzhen, with an initial capital of 2.5 million yuan and a team of approximately 20 people. Wang, then 29 years old, had previously worked as a vice supervisor at the Beijing Nonferrous Research Institute, where he observed Japanese battery manufacturers shifting from nickel-cadmium to higher-value nickel-metal hydride and lithium-ion batteries. He identified a cost arbitrage opportunity and moved to Shenzhen with his cousin Lu Xiangyang to establish BYD as a rechargeable battery manufacturer.

BYD's early competitive advantage was a redesigned manufacturing approach that substituted manual labour for the capital-intensive automated processes used by Japanese competitors. This reduced unit costs by approximately five to six times compared to Japanese rivals. By 1996, BYD had secured an order from Sanyo, marking its entry into the global battery supply chain. By 1997, amid the Asian financial crisis, Philips, Panasonic, and Motorola had all become major clients.

BYD expanded internationally early, opening a branch in the Netherlands in 1998 and establishing BYD America Corporation in 1999. By July 2002, BYD had become the world's leading nickel-cadmium battery manufacturer, surpassing Sanyo and accounting for approximately 65% of global production. In September 2002, BYD completed an initial public offering on the Hong Kong Stock Exchange.

Shortly after its Hong Kong IPO, BYD made a strategic move: in January 2003, the company acquired Xi'an Qinchuan Automobile, a small state-owned vehicle manufacturer, from defense conglomerate Norinco. The acquisition was controversial with shareholders, as it had not been disclosed in the IPO prospectus, but Wang Chuanfu's intention was to develop battery-powered electric vehicles using BYD's existing battery expertise.

BYD's first cars were conventional petrol vehicles. The BYD F3, a compact sedan, began production in April 2005 and gained market share through competitive pricing. The company produced its first plug-in hybrid vehicle, the BYD F3 DM, in 2008, and its first battery electric vehicle, the BYD e6, in 2009.

In September 2008, MidAmerican Energy Holdings, a subsidiary of Berkshire Hathaway, invested approximately 230 million US dollars for a 9.89% stake in BYD at HK$8 per share. Warren Buffett credited the investment to Charlie Munger, Berkshire's vice chairman. The investment proved highly profitable: Berkshire began gradually reducing its stake in 2022 as BYD's share price had risen substantially, and by September 2025, Berkshire had completely exited its position, generating a return of approximately 3,890%.

In June 2011, BYD listed on the Shenzhen Stock Exchange, raising approximately 1.42 billion yuan in a secondary offering. Between 2017 and 2019, BYD experienced a sharp decline in net profit, falling to just 1.6 billion yuan in 2019 as automotive sales stagnated. Wang Chuanfu described 2019 as the company's "darkest moment," yet the company continued investing 8.4 billion yuan in research and development that year.

The turnaround came in 2020. BYD introduced the Blade battery, a lithium iron phosphate cell with a distinctive structural design that improved safety and energy density. The Blade battery was first used in the BYD Han, a premium electric sedan, and was subsequently adopted across BYD's vehicle lineup. In the same year, BYD spun off four automotive component manufacturers under the FinDreams brand, with the intention of supplying parts to third-party automakers.

From 2020, BYD's vehicle sales grew dramatically, driven by the rapid expansion of the Chinese NEV market and the company's expanding export program. In March 2022, BYD ended production of purely internal combustion engine vehicles, becoming the first major global automaker to do so. In 2023, BYD introduced two new premium automotive brands, Yangwang and Fangchengbao, targeting the high-end and off-road segments respectively.

In November 2024, BYD commemorated its 30th anniversary and the production of its 10 millionth new energy vehicle. In FY2025, BYD reported record revenue of CNY 803.9 billion ($116 billion), up 3.5% from FY2024, eclipsing Tesla's full-year revenue of $94.8 billion. However, net profit fell 19% to CNY 32.6 billion ($4.7 billion), the first annual profit decline since 2021, as cutthroat domestic competition and weakening demand in the second half of the year compressed margins. Overseas deliveries surged 151% to just over 1.05 million units, and BYD is targeting 1.3 million overseas sales in 2026.

In Q1 2026, BYD's financial results deteriorated further. Revenue declined 11.82% to CNY 150.2 billion, and net profit attributable to shareholders fell 55.38% to CNY 4.08 billion, compared to CNY 9.15 billion in Q1 2025. The Chinese government withdrew some NEV subsidies at the end of 2025, and domestic sales in the first two months of 2026 plunged 58% to 199,159 units, while exports surged over 50% to 201,082 units.

BYD has established sustainability commitments focused on carbon reduction, renewable energy adoption, and ethical manufacturing practices. The company aims to reduce the carbon intensity of its operations by 50% by 2030 and achieve carbon neutrality across its entire value chain by 2045, using 2023 as the baseline year.

Environmental initiatives include increasing green electricity use to 35% by 2025 and developing new energy-saving technologies for manufacturing. BYD is expanding solar power projects across its facilities and switching to renewable energy sources. The company terminated production of internal combustion engine vehicles in March 2022, making it the first major automaker to commit exclusively to zero-emission vehicles.

BYD has not obtained B Corp certification. Its sustainability targets are self-reported and have not been independently verified by third-party organizations like SBTi or CDP in publicly available disclosures.

In ethical governance, BYD maintains reporting as a publicly traded company on both Hong Kong and Shenzhen stock exchanges. The company has faced legal challenges regarding labor practices and supply chain allegations, which it has contested through legal channels.

BYD has received recognition for electric vehicle innovation, sustainability leadership, and technological achievement:

• 2024 World Car Awards Finalist: BYD SEAL and BYD DOLPHIN models were shortlisted in the top three for "World Car of the Year" and "World Urban Car" categories respectively, making BYD the first Chinese automaker to achieve this distinction
• 2016 Zayed Future Energy Prize: BYD won the Large Corporations category for development of robust rechargeable batteries
• 2017 PV Magazine Innovation Award: BYD received the top innovation category for its battery storage system
• Bloomberg Businessweek Tech 100 (2010): BYD topped the list of fast-growing technology companies
• Fast Company Most Innovative Companies (2010): Ranked 16th globally
• Euro NCAP and ANCAP Five-Star Ratings: BYD SEAL and BYD DOLPHIN achieved five-star safety ratings in both European and Australasian new car assessment programs in 2023
• World's largest EV maker (2025): BYD overtook Tesla in pure EV deliveries, selling 2.26 million electric vehicles compared to Tesla's 1.64 million

BYD has faced several legal disputes and regulatory challenges across different markets, particularly regarding intellectual property, labor practices, and trade restrictions.

Intellectual Property Disputes: In September 2002, Sanyo filed a patent infringement lawsuit against BYD alleging infringement of lithium-ion battery cell construction patents. The dispute was eventually resolved through settlement. In 2007, Foxconn filed lawsuits in Hong Kong and Shenzhen alleging that BYD had obtained trade secrets from former Foxconn employees; this litigation continued for several years before being settled.

United States Legal Actions: In April 2020, BYD filed a federal civil complaint against Vice Media alleging defamation for stories linking BYD to companies using forced Uyghur labor. The case was dismissed with prejudice in March 2021, and appeals were denied by higher courts. In November 2020, BYD filed a libel lawsuit against the Alliance for American Manufacturing for calling BYD an arm of the Chinese state and linking it to forced labor; this lawsuit was also dismissed and appeals were denied.

Trade and Regulatory Actions: In 2022, the US Department of Commerce found that BYD had circumvented tariffs on solar panels by routing operations through Southeast Asian countries, with a final determination issued in August 2023. The National Defense Authorization Act for Fiscal Year 2024 prohibits the US Department of Defense from procuring BYD batteries on security grounds. In October 2025, the US Department of Defense stated that BYD merits inclusion on a list of companies linked to China's military.

European Market Restrictions: In October 2024, the European Commission imposed additional tariffs of approximately 17.4% on BYD vehicles imported from China following an anti-subsidy investigation, on top of the existing 10% import duty. BYD has responded by accelerating construction of manufacturing facilities in Hungary and Turkey to serve the European market from within trade-favored locations.

Domestic Price War Scrutiny: In 2025, the Chinese government intervened to curb aggressive price discounting in the NEV market, which had eroded margins across the industry. BYD's 19% profit decline in FY2025 was partly attributed to this pricing pressure. The withdrawal of some NEV subsidies at the end of 2025 further compressed the domestic market, contributing to the 58% domestic sales decline in early 2026.