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Chinese EV giant BYD has ramped up hiring efforts, adding nearly 200,000 employees to meet record-breaking demand following its Q3 sales surge. With 1.1 million new energy vehicles sold, BYD’s quarterly revenue exceeded Tesla’s for the first time, propelling the company into a massive expansion phase.
BYD Outpaces Tesla in Quarterly Revenue with Record 1.1 Million NEV Sales
BYD has been on a hiring spree in recent months, fueled by surging sales and profits as the Chinese EV giant ramps up production to meet growing demand.
In the third quarter, BYD achieved record-breaking sales of 1.1 million new energy vehicles (NEVs), including EVs and plug-in hybrid electric vehicles (PHEVs). This impressive sales volume led to a net income surge of $1.6 billion (RMB 11.6 billion) on quarterly revenue of $28.2 billion (RMB 201.1 billion), both new highs for the company. This marked the first time BYD’s quarterly revenue surpassed Tesla’s, which reported $25.47 billion for Q3. However, BYD’s figures include both EVs and PHEVs.
BYD Hires 200,000 to Boost Production Amid Surging NEV Demand and Global Market Expansion
According to Executive Vice President He Zhiqi (via Reuters), BYD embarked on a significant hiring drive to support this growth, bringing in nearly 200,000 new employees between August and October. Additionally, BYD increased production by almost 200,000 units during this period to keep pace with rising demand in China and expanding overseas markets.
BYD’s strong performance continued into October, with vehicle sales topping 500,000 for the first time in a month. Of the 500,525 passenger vehicles sold, 310,912 were PHEVs, and 189,614 were fully electric models. Year-to-date NEV sales have reached 3.25 million units, of which 1.87 million were PHEVs. BYD remains competitive in the global EV race, with 1,169,579 all-electric units sold through the first nine months of 2024, slightly behind Tesla’s 1,293,656 deliveries. Adding another 189,614 EVs in October brought BYD’s total to 1,359,193, though final Q4 figures will be needed for a comprehensive comparison with Tesla.
While BYD is widely known for its affordable models, such as the famous Seagull, priced at under $10,000 (69,800 yuan), the company is increasingly venturing into new segments as it expands its influence in the EV market.
