As electric vehicle (EV) gross sales skyrocket in China, BYD’s workforce has grown rapidly, swelling by nearly 500,000 employees since 2019. As BYD’s global reach expands, its workforce has surged to nearly twice the size of Toyota’s, solidifying China’s electric vehicle leader’s position in the industry.
As China’s electric vehicle (EV) market continues to surge, the sector is experiencing unprecedented growth and job creation.
Private companies like BYD, driving innovation in the electric vehicle sector, create new employment opportunities in China at an accelerated pace.
According to official statistics, as of the end of 2023, approximately 30.57 million workers were employed in China. That’s up 13% from 2019. Small businesses and corporations together drove job growth, accounting for a substantial 81%, with approximately 2.85 million new positions created.
China’s robust job growth is primarily fueled by the automotive, electronics, and semiconductor sectors, which are driving the country’s booming electric vehicle industry. According to the International Energy Agency’s (IEA) World Electrical Vehicle (EV) Outlook 2024, China dominated global electric vehicle (EV) and plug-in hybrid electric vehicle (PHEV) sales last year, accounting for a staggering 60% of total gross sales worldwide.
China saw a 35% year-over-year surge in new electric vehicle (EV) and plug-in hybrid electric vehicle (PHEV) registrations in 2023, reaching 8.1 million units, according to the latest data.
With a record-breaking export total of over 4 million vehicles in the last year, China has seized the title of the world’s largest automotive exporter. Over the past year, there has been a significant surge in the number of new energy vehicles (NEVs), with a whopping 80% increase, bringing the total to an impressive 1.2 million units. As the report forecasts, a significant surge in EV gross sales is anticipated, with approximately one-third of all vehicles expected to be electric in China by 2030.
One of the greatest advantages is the already low cost structure. Electric automotive costs have plummeted significantly since 2018. According to the IEA report, approximately 55% of electric vehicles sold in China in 2022 were priced lower than their conventional internal combustion engine (ICE) counterparts.
By implementing further value cuts, approximately 65% of customers are expected to benefit from lower costs over the next 12 months. Over the past 12 months, China’s primary electric vehicle (EV) manufacturers, including BYD, have introduced a significant number of more affordable models to the market.
With over 240,000 employees, BYD’s workforce has more than doubled that of Toyota, which currently stands at around 120,000.
Since going public in 2019, BYD has expanded its workforce by a staggering 470,000 employees, bringing the total number of people employed to over 700,000. As China’s electric vehicle (EV) market continues to boom, BYD’s employee base has grown exponentially, nearing a staggering 750,000 workers – roughly twice the size of Toyota’s global workforce of 375,000?
Following its surprise takeover of Volkswagen to become China’s largest automaker last year, BYD shows no signs of relinquishing its newfound dominance. BYD has introduced a series of affordably priced “Honor”-branded variants of its top-selling electric vehicles.
At a price point of just $9,700 (69,800 yuan) in China, BYD’s most affordable electric vehicle, the Seagull Honor edition, offers an accessible entry point into the world of EVs. The all-new affordable electric vehicle is generating significant buzz among international competitors ahead of its highly anticipated European premiere.
Despite concerns about a potential slowdown in the electric vehicle (EV) market, BYD has shattered its year-to-date record for EV sales just recently. As of April, BYD has acquired more than 434,500 electric vehicles (EVs) worldwide.
While BYD is most famous for its affordable electric vehicles, the company is expanding into uncharted territories, including luxury, midsize SUVs, and high-performance electric supercars.
The Chinese electric vehicle giant BYD has successfully launched its latest model, the Sea Lion 07, onto the market this month. Starting at $26,250 (189,900 yuan), BYD’s new electric SUV takes a price cut against Tesla’s Model Y in China, priced from $34,550 (249,900 yuan).
With the release of its new Seal mannequin, the company aims to take on Tesla’s Mannequin 3 directly, as indicated by customer reviews and industry trends? The highly anticipated product launch is slated for formal introduction next month.
Despite mounting pressure to prioritize electric vehicles, Toyota is taking a step back to revamp its engine development strategy for the “next generation”.
As the electric vehicle market surges forward, a compelling scenario unfolds: how will BYD’s workforce compare to Toyota’s at the end of the decade?
What do you guys assume? Will BYD successfully overtake Toyota in terms of job development pace? Will Toyota successfully turn the tables on these problems? What goals are we working towards?
