BYD Auto Evolution (2003-2023) | 比亚迪汽车
BYD Auto was founded in January 2003 by BYD owner Wang Chuanfu, following BYD's acquisition of Xi'an Qinchuan Automobile. The first car designed by BYD, the BYD F3, entered production in 2005. BYD started producing its first plug-in hybrid electric vehicle, the BYD F3DM in 2008, followed by its first production battery electric vehicle, the BYD e6 in 2009. BYD ended production of purely internal combustion engined cars in March 2022 to focus on new energy vehicles.
The company sells its vehicles under the main BYD brand, and high-end vehicles under its Denza, Yangwang and Fangchengbao brands.
Following a series of decline in sales and profit, BYD Auto has experienced substantial sales growth since 2020 due to the increasing market share of new energy vehicles in China. As of November 2023, BYD Auto is the largest new energy vehicle manufacturer in the world after overtaking Tesla in June 2022, while still trailing Tesla in battery electric vehicle production.
BYD is also the best-selling car brand in China since the first quarter of 2023, overtaking Volkswagen which held the title since the liberalisation of the Chinese automotive industry.
Since 2021, the company is expanding sales of passenger cars into overseas markets in Europe, Southeast Asia, Oceania and Latin America.
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