China’s BYD Hires Over 30,000 Graduates in 2023

Credit: Visual China

BEIJING, July 31 (TiPost) – China’s automobile giant BYD Co. Ltd. (002594.SZ / 01211.HK) has recruited over 30,000 fresh graduates this year, with master’s and doctoral degree holders accounting for over 60% and over 80.8% of the new hires in the research and development department.

According to the information on BYD’s official website for the 2023 campus hiring, the company has sought technical research and R&D positions in fields such as electronics, automobiles, new energy, rail transit, and semiconductors, with some positions requiring doctoral degrees. The offices for the new hires are located in various cities, including Shenzhen, Huizhou, Xi’an, and Shanghai.

During a communication meeting with investors at the end of March, BYD’s Chairman Wang Chuanfu stated that the company would employ a large number of R&D personnel as part of its strategy to maintain disruptive innovation capabilities over the next two to three years.

BYD has been expanding its R&D team since 2021. The number of R&D personnel at the company was 40,400 in 2021 and 69,700 in 2022, showing year-on-year growth rates of 31.52% and 72.59% respectively. In 2022, the company’s R&D investment reached 20.22 billion yuan, up 90.31% year-on-year.

Originally a consumer battery company, BYD entered the automobile industry by acquiring Xi’an Qinchuan Automobile in 2003. Before 2021, it was just a minor player in the automotive field. However, it expanded fast in the market with cost-effective plug-in hybrid and all-electric vehicles, leading to a surge in sales of new energy vehicles and driving the company’s revenue performance upwards.

According to the annual reports of BYD, from 2020 to 2022, its revenue was 156.59 billion yuan, 216.14 billion yuan, and 424.06 billion yuan respectively, while the number of vehicles sold was 427,000, 740,000, and 1.87 million respectively. Among them, the sales of new energy vehicles were 189,000, 604,000, and 1.86 million respectively. In 2022, the company became the top-selling automaker in China.

Correspondingly, the company’s workforce has grown rapidly. The total number of employees at the company and its major subsidiaries was 224,000, 288,000, and 570,000 from 2020 to 2022, respectively.

In 2022, the number of BYD’s employees nearly doubled compared to the previous year. It had 442,000 production workers in 2022, more than double of the previous year. In terms of the educational background, the number of the company’s employees with master’s degrees or above was 11,000 in 2022, a year-on-year increase of over 100%.

The company’s sales target for 2023 is 3 million to 3.6 million vehicles, with cumulative sales of 1.26 million vehicles in the first half of this year. According to the semi-annual report preview released by the company on July 15, the non-net profit for the first half of this year is expected to be between 9.3 billion and 10.3 billion yuan, with a year-on-year increase of 206.99% to 240%.

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