As EV sales surge in China, BYD’s workforce has expanded rapidly, adding nearly 500,000 employees since 2019. BYD’s workforce is now roughly double that of Toyota’s as China’s EV leader expands overseas.
China’s surging EV sales are leading to new job growth
Privately-owned firms, such as BYD and others in the EV industry, are accelerating job growth in China.
According to filings, there were about 30.57 million employees in China at the end of 2023. That’s up 13% from 2019. Private companies accounted for 81% of the growth, or 2.85 million jobs.
The main drivers behind China’s job growth are auto, electric devices, and semiconductors, all powering the country’s surging electric vehicle market. According to the IEA’s Global Electric Vehicle (EV) Outlook 2024, China accounted for 60% of all EV and PHEV sales globally last year.
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’s workforce is now nearly double Toyota’s
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 “Honor” editions of its best-selling electric cars.
BYD’s cheapest EV, the Seagull Honor edition, starts at just $9,700 (69,800 yuan) in China. The new low-cost EV is already creating a stir among overseas rivals ahead of its European debut.
Despite talks of a slowdown in the EV market, BYD hit a new YTD EV sales record earlier this month. Through April, BYD has sold over 434,500 EVs globally.
Although BYD is best known for its affordable electric cars, the automaker is expanding into new segments like luxury, mid-size SUVs, and electric supercars.
BYD launched its Sea Lion 07 this month. Starting at $26,250 (189,900 yuan), BYD’s new electric SUV undercuts Tesla’s Model Y in China, which starts at $34,550 (249,900 yuan).
According to reports, a new Seal model is due out to compete with Tesla’s Model 3. It’s expected to officially debut next month.
Meanwhile, Toyota is moving backward with new plans to develop “next-gen” engines despite calls to go all-electric.
As the market moves towards EVs, it will be interesting to see where BYD’s workforce is relative to Toyota’s at the end of the decade.
What do you guys think? Will BYD continue outpacing Toyota’s job growth? Or will the Japanese automaker turn things around? Let us know your thoughts in the comments below.
National Grid Renewables has broken ground on its 100 MW Apple River Solar Project in Polk County, Wisconsin.
The Wisconsin solar farm, which will use US-made First Solar Series 6 Plus bifacial modules, will be constructed by The Boldt Company, creating 150 construction and service jobs. Apple River Solar will generate over $36 million in direct economic benefits over its first 20 years.
Once it comes online in late 2025, Apple River Solar will supply clean energy to Xcel Energy, which serves customers throughout the Upper Midwest. According to National Grid Renewables, the solar farm will generate enough energy to power around 26,000 homes annually. It will also offset about 129,900 metric tons of carbon dioxide emissions each year – equivalent to taking 30,900 cars off the road.
“We are excited to see this project begin as it underscores our dedication to delivering clean, reliable and affordable energy to our customers,” said Karl Hoesly, President, Xcel Energy-Wisconsin and Michigan. “This project is an important step in those goals while bringing significant economic benefits to Polk County and the local townships.”
Electrekreported in February that Xcel Energy, Minnesota’s largest utility, expects to cut more than 80% – and possibly up to 88% – of its emissions by 2030, putting it on track to hit Minnesota’s goal of net zero by 2040. It also says it’s on track to achieve its clean energy goals for all the Upper Midwest states it serves – Minnesota, Wisconsin, North Dakota, South Dakota, and Michigan.
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Tesla has announced that it will finally deliver 500 kW charging as it is about to install its long-awaited V4 Supercharger cabinets.
The rollout of Supercharger V4 has been a strange one, to say the least.
Tesla has been deploying the new charging stations for two years and calling them “Supercharger V4”, but it has only been deploying the charging stalls.
Supercharger stations are made of two main parts: the stalls, which are where the charging cable is located, and the cabinets, which are generally located further back and include all the power electronics.
For all these new “Supercharger V4”, Tesla was actually using Supercharger V3 cabinets. This has been limiting the power output of the charging stations to 250 kW – although
Today, Tesla officially announced its “V4 Cabinet”, which the automaker claims will enable of “delivering up to 500kW for cars and 1.2MW for Semi.”
Here are the main features of the V4 Cabinet as per Tesla:
Faster charging: Supports 400V-1000V vehicle architectures, including 30% faster charging for Cybertruck. S3XY vehicles enjoy 250kW charge rates they already experience on V3 Cabinet — charging up to 200 miles in 15 minutes.
Faster deployments: V4 Cabinet powers 8 posts, 2X the stalls per cabinet. Lower footprint and complexity = more sites coming online faster.
Next-generation hardware: Cutting-edge power electronics designed to be the most reliable on the planet, with 3X power density enabling higher throughput with lower costs.
Tesla reports that its first sites with the new V4 Cabinets are going into permitting now. The company expects its first sites to open next year.
We recently reported about Tesla’s new Oasis Supercharger project, which includes larger solar arrays and battery packs to operate the charging station mostly off-grid.
Early in the deployment of the Supercharger network, Tesla promised to add solar arrays and batteries to all Supercharger stations, and Musk even said that most stations would be able to operate off-grid.
While Tesla did add solar and batteries to a few stations, the vast majority of them don’t have their own power system or have only minimal solar canopies.
Back in 2016, I asked Musk about this, and he said that it would now happen as Tesla had the “pieces now in place” with Supercharger V3, Powerpack V2, and SolarCity:
It took about 8 years, but it sounds like the pieces are now getting actually in place with Supercharger V4, Megapacks, and this new Oasis project.
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Hyundai has a new secret weapon it’s about ready to unleash. To revamp the brand in China and counter BYD’s surge, Hyundai is launching a new AI-powered EV next year. The new model will be Hyundai’s first dedicated electric car for the world’s largest EV market.
With the help of Haomo, a Chinese autonomous startup, Hyundai will launch its first EV equipped with generative AI. It will also be its first model designed specifically for China.
A Hyundai Motor official said (via The Korea Herald) the company is “working to load the software” onto the new EV model, “which will be released in the Chinese market next year.” The spokesperson added, “The level of autonomous driving is somewhere between 2 and 2.5.”
In comparison, Tesla’s Autopilot is considered a level 2 advanced driver assistance system (ADAS) on the SAE scale (0 to 5), meaning it offers limited hands-free features.
With Autopilot, you still have to keep your eyes on the road and hands on the steering wheel, or the system will notify you and eventually disengage.
Haomo’s system, DriveGPT, unveiled last spring, takes inspiration from the OpenAI’s popular ChatGPT.
The system can continuously update in real-time to optimize decision-making by absorbing traffic data patterns. According to Haomo, DriveGPT is used in around 20 models as it looks to play a bigger role in China.
Hyundai hopes new AI-powered EV boosts sales in China
Electric vehicle sales continue surging in China. According to Rho Motion, China set another EV sales record last month with 1.2 million units sold, up 50% from October 2023.
Over 8.4 million EVs were sold in China in the first ten months of 2024, a notable 38% increase from last year.
BYD continues to dominate its home market. According to Autovista24, BYD accounted for 32.9% of all PHEV and EV (NEV) sales in China through September, with over half of the top 20 best-selling EV models.
Tesla was second with a 6.5% share of the market, but keep in mind these numbers only include plug-in models (PHEV).
Like most foreign automakers, Hyundai is struggling to keep up with the influx of low-cost electric models in China. Beijing Hyundai’s sales have been slipping since 2017. Through September, Korean automaker’s share of the Chinese market fell to just 1.2%.
According to local reports, Hyundai is partnering with other local tech companies like Thundersoft, a smart cockpit provider, and others in China to power up its next-gen EVs
With its first AI-powered EV launching next year, Hyundai hopes to turn things around in the region quickly. The new model will be one of five to launch in China through 2026.
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