BYD has experienced an explosion in electric vehicle (EV) sales, increasing its workforce to 700,000, which is double that of its Japanese rival Toyota. This growth trajectory of BYD serves as a significant lesson for other automobile manufacturers. Here are the details…
BYD Doubles Toyota’s Workforce with 700,000 Employees Amidst Soaring EV Sales in China
Electric vehicle sales in China have skyrocketed, greatly contributing to the expansion of private sector giants like BYD. By the end of 2023, the number of employees in China reached approximately 30.57 million, marking a 13% increase from 2019. Notably, 81% of this growth was driven by private sector firms.
According to the International Energy Agency’s (IEA) Global Electric Vehicle Outlook 2024 report, 60% of all global EV and PHEV sales last year occurred in China, showcasing truly impressive figures.
In 2023, registrations of new energy vehicles (EVs and PHEVs) in China reached 8.1 million, reflecting an annual increase of 35%. China also became the world’s largest car exporter last year, exporting over 4 million vehicles, with 1.2 million being new energy vehicles—a figure that saw an 80% year-over-year increase. By 2030, it is projected that one out of every three vehicles in China will be electric.
BYD has significantly expanded its workforce, adding around 470,000 new employees since 2019, bringing the total to over 700,000. In contrast, Toyota employs 375,000 people, making BYD’s workforce nearly double. After surpassing Volkswagen to become China’s largest car manufacturer, BYD shows no signs of slowing down.
The company has introduced more affordable versions of its best-selling electric cars, known as the “Honor” versions. BYD’s most affordable electric vehicle, the Seagull Honor edition, starts at just $9,700 in China, making electric car ownership accessible at this low price point.
Meanwhile, Toyota is taking a step back from fully transitioning to electric vehicles, instead planning to develop “next-generation” engines. This cautious approach is surprising given the rapid growth of the electric vehicle market. However, Toyota might reconsider its strategy in response to market demands.
Do you think BYD will continue to outpace major automobile manufacturers, or can companies like Toyota turn the tables? Share your thoughts in the comments below.
