In China, electric vehicle sales have skyrocketed. The explosion in EV sales has resulted in BYD’s workforce surpassing 700,000 employees, doubling that of Toyota. This trend from BYD serves as a lesson for other car manufacturers. Here are the details…
BYD, with 700,000 employees, has doubled Toyota! Electric vehicle sales in China have peaked
Electric vehicle sales in China are growing so rapidly that this trend significantly contributes to the growth of private sector giants like BYD. By the end of 2023, there were approximately 30.57 million employees in China, a 13% increase compared to 2019. This growth was 81% driven by private sector companies.
According to the International Energy Agency’s (IEA) Global Electric Vehicle Outlook 2024 report, 60% of all global EV and PHEV sales occurred in China last year. The numbers are truly astonishing.
Images of the new BYD M6 have emerged. The seven-door car will arrive on the global market after testing in China.
In 2023, new energy vehicle (EV and PHEV) registrations in China reached 8.1 million, reflecting a 35% annual increase. Last year, China exported over 4 million vehicles, making it the world’s largest car exporter. Of these, 1.2 million were new energy vehicles, an 80% annual increase. The report predicts that by 2030, one in three cars in China will be electric.
Since 2019, BYD has added about 470,000 new employees for electric vehicle production, bringing its total workforce to over 700,000. Compared to Toyota’s 375,000 employees, this figure is nearly double. BYD, after surpassing Volkswagen to become China’s largest car manufacturer, continues its unstoppable growth.
The company has introduced lower-priced “Honor” versions of its best-selling electric vehicles. The Seagull Honor version, BYD’s cheapest electric car, starts at just $9,700 in China. Yes, you can own an electric vehicle at this price.
Meanwhile, Toyota is taking a step back from fully transitioning to electric vehicles and is planning to develop “next-generation” engines. While the electric vehicle market is rapidly growing, Toyota’s retreat is surprising. However, they might reconsider their strategies.
Do you think BYD will continue to outpace automotive giants? Or will manufacturers like Toyota manage to turn the tide? Share your thoughts in the comments section below.
