Catenaa, Wednesday, November 13, 2024 – Chinese electric vehicle (EV) manufacturer BYD Co. Ltd. (OTC: BYDDY) hired over 200,000 new employees from August to October to ramp up its car and component production.
The hiring spree helped the company produce more than 1.3 million new energy vehicles (NEVs) in the period, a significant jump from the 900,000 units produced during the same timeframe in 2023, BYD Executive Vice President He Zhiqi announced on Weibo.
The term “new energy vehicles” includes both battery-electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs).
BYD reported that the majority of these vehicles, over 800,000 units, were PHEVs, while nearly 500,000 were battery-electric.
In the third quarter, BYD reported operating revenue of 201.12 billion yuan ($28.25 billion), marking a 24% increase from the previous year. This revenue outpaced Tesla’s third-quarter revenue of $25.18 billion, marking the first time since 2022 that BYD has exceeded Tesla’s revenue in a quarter.
BYD ceased production of combustion engine vehicles in March 2022, pivoting entirely to electric vehicles in a direct challenge to Tesla.
BYD’s record-breaking quarter highlights the company’s aggressive strategy to expand its footprint in the global EV market.
