BYD, the world’s leading manufacturer of New Energy Vehicles (NEVs) and power batteries, has made a significant leap in the 2024 Fortune Global 500 rankings, announced on August 5. For 2024, the company ranks No. 143, up from No. 212 in the previous year. This marks the third consecutive year that BYD has been included in the list, solidifying its status as the fastest-growing company among all automakers listed in the category.
In 2023, BYD achieved unprecedented success, with annual revenues reaching 602.32 billion yuan—an increase of 42% compared to the previous year. The company set a new record by selling over 3 million NEVs, entering the top ten among the world’s leading automakers. This was the first time a Chinese car manufacturer had reached this milestone in the history of China’s automotive industry. BYD continued its strong performance into 2024. With sales surpassing 1.9 million units from January to July, it ranked eighth among the top global automakers for the first half of the year.
In 2024, BYD accelerated its global expansion. By June, international sales exceeded 233,000 units, nearly matching the total sales outside of China for the previous year. On July 4, 2024, BYD’s 8 millionth NEV rolled off the production line in Thailand, marking the official commencement of production at the local factory. Today, BYD operates in 88 countries and regions, across more than 400 cities, with vehicle production facilities in Brazil, Hungary, and Uzbekistan, further enhancing the global reach of its products and contributing to the green transition of the global automotive industry.
These achievements are attributed to BYD’s commitment to innovation and new technologies. In 2023, research and development investments approached 40 billion yuan, a 97% increase from the previous year, bringing the total investment in this area to 140 billion yuan. To date, BYD has filed over 48,000 patent applications worldwide, more than 30,000 of which have been approved. With over 100,000 employees working in R&D, BYD continues to provide strong technical support to advance technologies related to New Energy Vehicles.
BYD’s impressive rise in the 2024 Fortune Global 500 list underscores the company’s role as a leader in the New Energy Vehicle industry. Through continuous innovation and global expansion, BYD is not only shaping the automotive landscape but also strengthening its position as a pioneer. Committed to driving global green mobility and setting industry standards, BYD is well-positioned to continue its groundbreaking journey into the future.
