BYD's workforce nearly doubles Toyota's amid China's booming EV market

Privately-owned firms, such as BYD and others in the EV industry, are accelerating job growth in China.

In 2023, new energy vehicle (EVs and PHEVs) registrations reached 8.1 million in China, up 35% year over year (YOY).

In addition, with over 4 million cars exported last year, China became the largest auto exporter in the world. 1.2 million of them were NEVs, up 80% YOY. The report expects the EV sales surge to continue, with one in three cars projected to be electric in China in 2030.

One of the biggest factors is the already low prices. Electric car prices are down drastically from 2018. The IEA report estimates "that around 55% of the electric cars sold in China in 2022 were cheaper than their average ICE equivalent."

With further price cuts, around 65% were projected to be cheaper last year. The trend has continued this year, with China's leading EV makers, including BYD, introducing significantly more affordable models.

BYD now employs over 700,000 people, adding about 470,000 since 2019. Fueled by China's EV sales surge, BYD's workforce is now nearly double that of Toyota's 375,000.

After overtaking Volkswagen to become China's largest automaker last year, BYD is not slowing down. BYD released a series of lower-priced "Honour" editions of its best-selling electric cars.