BYD reveals $14 billion growth plan
Chinese automotive company BYD says it will invest USD 14 billion over an undisclosed timeline to consolidate its lead in the electric motoring space.
The manufacturer – full name Build Your Dreams – recently overtook Tesla as the world's biggest EV maker. It now appears to be investing to maintain its position. Speaking at a company "Dream Day" event in Shenzhen on Tuesday, BYD CEO Wang Chuanfu said the company would invest 100 billion yuan (USD 14 billion) in electrification and artificial intelligence research and development.
There were signs of its future direction at the event this week. It unveiled its AI–powered Xuanji smart car system at its event on Tuesday, showing its voice recognition and automated parking features. And according to Bloomberg, the company is even planning to add a vehicle-mounted drone to its Yangwang U8 luxury SUV.
In a busy week for BYD, the company also revealed plans to invest USD 1.3 billion in a manufacturing plant in Indonesia with a capacity of 150,000 units.
BYD became the world's top EV maker in the fourth quarter. In 2023, it sold 3.02 million electric vehicles, including battery EVs and plug-in hybrids. It is very China-focused, but it did quadruple its export volume to 242,765 vehicles for the year.