BYD launches major hiring spree as record-breaking run heats up
BYD went on a hiring spree over the past few months as sales and profits reached new levels. With momentum building, China’s EV leader is drastically ramping up production and expanding its workforce to meet the higher demand.
After selling a record 1.1 million new energy vehicles (EVs and PHEVs) in the third quarter, BYD’s net income surged to $1.6 billion (RMB 11.6 billion) on revenue of $28.2 billion (RMB 201.1 billion). Both were new quarterly records.
It was also BYD’s first time surpassing Tesla in revenue, which posted $25.47 billion in Q3 revenue. However, BYD’s figures include plug-in hybrid (PHEV) models and EVs.
As vehicle sales continue gaining momentum in China and overseas, BYD went on a major hiring spree to help fuel the expansion.
According to BYD’s executive vice president, He Zhiqi (via Reuters), the company hired nearly 200,000 new employees between August and October. BYD also ramped up production by close to 200,000 units to meet the higher demand.
BYD goes on hiring spree as sales, and profits surge
BYD’s dominant performance continued after vehicle sales topped 500,000 for the first time last month.
The company sold 500,525 passenger vehicles in October, 310,912 of which were PHEVs and 189,614 were EV models. Through October, BYD’s NEV sales topped 3.25 million, with 1.87 million being PHEV models.
With 1,169,579 all-electric models sold through the first nine months of 2024, BYD is still slightly behind Tesla in the global EV race with 1,293,656 vehicle deliveries.
BYD sold another 189,614 EVs last month, bringing its total to 1,359,193. Since Tesla does not report monthly figures, we will have to wait until the Q4 numbers come out.
Although BYD is widely recognized for its extremely affordable vehicles, like its best-selling Seagull, which starts under $10,000 (69,800 yuan), China’s EV leader is rapidly expanding into new segments.
Electrek’s take
With new pickup trucks, mid-size smart SUVs, luxury models, and electric supercars launching, BYD’s recent hiring spree should come as no surprise.
With an influx of competitive models entering China, BYD is looking to key overseas regions like Southeast Asia, Europe, and South and Central America to drive growth. The company opened its first manufacturing plant in Thailand this summer, with several more planned in Hungary, Turkey, Brazil, and Mexico.
Starting as a battery maker has given BYD a drastic advantage as the industry shifts to electric vehicles. Not only does it build batteries for its vehicles at a low cost, but BYD also sells them to rivals like Tesla, Toyota, and Volkswagen.
BYD also owns most of its supply chain, driving down costs further. For its popular Dolphin, BYD makes every component in-house except the windows and tires.
After it stopped building gas-powered models in 2022, BYD’s quick shift to electric models is paying off. With aggressive price cuts and new lower-priced models, BYD has declared a “liberation battle” as it aims to continue taking market share from ICE vehicles.
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Leading yard operation 3PL YMX Logistics has announced plans to deploy fully twenty (20) of Orange EV’s fully electric Class 8 terminal trucks at a number of distribution and manufacturing sites across North America.
As the shipping and logistics industries increasingly move to embrace electrification, yard operations have proven to be an almost ideal use case for EVs, enabling companies like Orange EV, which specialize in yard hostlers or terminal tractors, to drive real, impactful change. To that end, companies like YMX are partnering with Orange EV.
“This relationship between YMX and Orange EV is a significant step forward in transforming yard operations across North America,” said Matt Yearling, CEO of YMX Logistics. “Besides the initial benefits of reduction in emissions and carbon footprint, our customers are also seeing improvements in the overall operational efficiency and seeking to expand. Our team members have also been sharing positive feedback about their new equipment and highlighting the positive impact on their health and day-to-day activities.”
This Orange looks good in blue
One of the most interesting aspects of this story – beyond the Orange EV HUSK-e XP’s almost unbelievable 180,000 lb. GCWR spec. – is that this isn’t a story about California’s ports, which mandate EVs. Instead, YMX is truly deploying these trucks throughout the country, with at least four currently in Chicago (and more on the way).
“Our collaboration with YMX Logistics represents a powerful stride in delivering sustainable yard solutions at scale for enterprise customers,” explains Wayne Mathisen, CEO of Orange EV. “With rising demand for electric yard trucks, our joint efforts ensure that more companies can access the environmental, financial, and operational benefits of electrification … this is a win for the planet, the workforce, and the bottom line of these organizations.”
We interviewed Orange EV founder Kurt Neutgens on The Heavy Equipment Podcast a few months back, but if you’re not familiar with these purpose-built trucks, it’s worth a listen.
HEP-isode 26
SOURCE | IMAGES: YMX Logistics.
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On today’s thrilling episode of Quick Charge, we’ve got the all-new Hyundai IONIQ 9 and its “a “rolling living room” pivoting captain’s chairs, Kia gets a go-fast 7 passenger SUV and an updated EV6, while Honda announces plans to start producing solid-state batteries at its new facility in just a few weeks.
We’ve also got big news for American workers – a Minnesota power company is ditching coal for solar while ExxonMobil and LG Chem get to work extracting thousands of tons of lithium out of Tennessee’s soil.
Today’s episode is sponsored by BLUETTI, a leading provider of portable power stations, solar generators, and energy storage systems. For a limited time, save up to 52% during BLUETTI’s exclusive Black Friday sale, now through November 28, and be sure to use promo code BLUETTI5OFF for 5% off all power stations sitewide. Learn more by clicking here.
You can watch the episode, below.
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Read more: Farm-fegnugen? Volkswagen rolls out an electric tractor.
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Arevon Energy has kicked off operations at Vikings Solar-plus-Storage – one of the US’s first utility-scale solar peaker plants.
The $529 million project in Imperial County, California, near Holtville, features 157 megawatts of solar power paired with 150 megawatts/600 megawatt hours of battery storage.
Vikings Solar-plus-Storage is designed to take cheap daytime solar power and store it for use during more expensive peak demand times, like late afternoons and evenings. The battery storage system can quickly respond to changes in demand, helping tackle critical grid needs.
Vikings leverages provisions in the Inflation Reduction Act that support affordable clean energy, strengthen grid resilience, boost US manufacturing, and create good jobs.
The Vikings project has already brought significant benefits to the local area. It employed over 170 people during construction, many local workers, and boosted nearby businesses like restaurants, hotels, and stores. On top of that, Vikings will pay out more than $17 million to local governments over its lifespan.
“Vikings’ advanced design sets the standard for safe and reliable solar-plus-storage configurations,” said Arevon CEO Kevin Smith. “The project incorporates solar panels, trackers, and batteries that showcase the growing strength of US renewable energy manufacturing.”
The project includes Tesla Megapack battery systems made in California, First Solar’s thin-film solar panels, and smart solar trackers from Nextracker. San Diego-based SOLV Energy handled the engineering, procurement, and construction work.
San Diego Community Power (SDCP) will buy the energy from the Vikings project under a long-term deal, helping power nearly 1 million customer accounts. SDCP and Arevon have also signed an agreement for the 200 MW Avocet Energy Storage Project in Carson, California, which will start construction in early 2025.
Vikings is named after the Holtville High School mascot, and Arevon is giving back to the local community by funding scholarships for deserving Holtville High students.
Arevon is a major renewable energy developer across the US and a key player in California, with nearly 2,500 MW in operation and more than 1,250 MW under construction.
Read more: Minnesota’s largest coal plant goes solar: Sherco Solar comes online
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