BYD is now the world’s largest automaker by R&D workforce after major hiring spree
China’s BYD now has the world’s largest R&D workforce of any automaker after its latest hiring spree. With over 900,000 employees, BYD aims to continue climbing the global sales charts as it advances new tech to promote longer-range, more affordable EVs.
BYD becomes world’s largest automaker by R&D staff
After selling more vehicles than Honda and Nissan in the second quarter of 2024, BYD became the world’s seventh-largest automaker.
BYD sold 980,000 vehicles in Q2, representing a 40% jump from last year. After a recent hiring spree, BYD plans to keep the momentum rolling.
According to BYD’s branding and public relations general manager, Li Yunfei, the company now has over 900,000 employees. Li posted a screenshot on social media, showing BYD’s staff reached 900,608.
At the end of last year, BYD had just over 700,000 employees, meaning it added nearly 200,000 positions in 2024.
According to Li, BYD is one of the largest employers in China and is the largest employer of the over 5,300 companies listed on China’s mainland stock exchange. Li also said BYD is also the world’s largest automaker in terms of R&D staff, with over 110,000 employees.
The company has recruited nearly 50,000 college graduates over the past two years to bolster research and development.
BYD’s hiring spree comes as rivals, mainly joint venture brands, are cutting positions amid China’s intensifying EV price war. A Reuters report in March claimed Volkswagen and GM planned to slash jobs by double digits in China through partnerships with SAIC.
With new low-cost, efficient EVs hitting the market, BYD continues to see higher demand. In August, BYD sold over 373,000 new energy vehicles (NEVs), setting a new NEV sales record for the third straight month.
To secure a leadership role in the software-defined electric era, BYD is doubling down on R&D with heavy investments in smart driving, connectivity, and battery tech.
Electrek’s Take
After topping Honda and Nissan, BYD is aiming even higher. According to data from Yiche (via CarNewsChina), BYD was the third top-selling car brand globally in July.
BYD continues rolling out new tech, like its e-Platform 3.0, which offers better efficiency and faster charging at a lower cost.
As the world’s second-largest EV battery maker, BYD already has a major advantage. With a massive, young R&D team behind it, BYD looks to continue surpassing the competition.
As it expands outside of China, BYD will rely on local production to drive overseas sales. BYD plans to open plants in Turkey, Mexico, Brazil, and Pakistan as it enters new markets.
Although BYD is best known for its affordable electric models, the auto giant is expanding into new segments like pickup trucks, luxury vehicles, and midsize SUVs. It’s also rolling out 2025 models with added LiDAR as it doubles down on smart driving tech.
Source: Li Yunfei, CnEVPost
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Environment
U.S. crude oil falls below $60 a barrel to lowest since 2021 on tariff-fueled recession fears
A view shows disused oil pump jacks at the Airankol oil field operated by Caspiy Neft in the Atyrau Region, Kazakhstan April 2, 2025.
Pavel Mikheyev | Reuters
U.S. oil prices dropped below $60 a barrel on Sunday on fears President Donald Trump’s global tariffs would push the U.S., and maybe the world, into a recession.
Futures tied to U.S. West Texas intermediate crude fell more than 3% to $59.74 on Sunday night. The move comes after back-to-back 6% declines last week. WTI is now at the lowest since April 2021.
Worries are mounting that tariffs could lead to higher prices for businesses, which could lead to a slowdown in economic activity that would ultimately hurt demand for oil.
Oil futures, 5 years
The tariffs, which are set to take effect this week, “would likely push the U.S. and possibly global economy into recession this year,” according to JPMorgan. The firm on Thursday raised its odds of a recession this year to 60% following the tariff rollout, up from 40%.
Fueled by incentives from the Illinois EPA and the state’s largest utility company, new EV registrations nearly quadrupled the 12% first-quarter increase in EV registrations nationally – and there are no signs the state is slowing down.
Despite the dramatic slowdown of Tesla’s US deliveries, sales of electric vehicles overall have perked up in recent months, with Illinois’ EV adoption rate well above the Q1 uptick nationally. Crain’s Chicago Business reports that the number of new EVs registered across the state totaled 9,821 January through March, compared with “just” 6,535 EVs registered in the state during the same period in 2024.
Those numbers represent more than 50% growth in EV registrations – far beyond the expected 12% first-quarter increase nationally being projected by Cox Automotive. (!)
What’s going on in Illinois?
While President Trump and Elmo were running for re-election, they campaigned on the threat promise of canceling the $7,500 federal tax credit for EVs. Along with California Governor Gavin Newsom, Illinois’ Governor JB Pritzker made countermoves – launching a $4,000 rebate for new electric cars and up to $1,500 for the purchase of a new electric motorcycle.
At the same time, the state’s largest utility, ComEd, launched a $90 million EV incentive program featuring a new Point of Purchase initiative to deliver instant discounts to qualifying business and public sector customers who make the switch to electric vehicles. That program has driven a surge in Class 3-6 medium duty commercial EVs, which are eligible fro $20-30,000 in utility rebates on top of federal tax credits and other incentives (Class 1-2 EVs are eligible for up to $7,500).
We covered the launch of those incentives when the program was announced at Chicago Drives Electric last year, but the message here is simple: incentives work.
SOURCES: Chicago Business, Ray Cunningham; featured image by the author.
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The electric construction equipment experts at XCMG just released a new, 25 ton electric crawler excavator ahead of bauma 2025 – and they have their eye on the global urban construction, mine operations, and logistical material handling markets.
Powered by a high-capacity 400 kWh lithium iron phosphate battery capable of delivering up to 8 hours of continuous operation, the XE215EV electric excavator promises uninterrupted operation at a lower cost of ownership and with even less downtime than its diesel counterparts.
XCMG is delivering on part of that reduced downtime promise with the lower maintenance and easier repair needs of electric equipment, and delivering on the rest of it with lickety-quick DC fast charging that can recharge the machine’s massive battery in 1.5-2 hours … but that’s not the slick bit. The XCMG XE125EV can be powered up without leaving the job site thanks to its BYD battery swap technology.
We first covered XCMG and its battery swap technology back in January, and covered similar battery-swap tech being developed by MOOG Construction offshoot ZQUIP, as well – but while XCMG’s battery tech has been in production for several years, it’s still not widely known about in the West (even within the industry).
XCMG showed off its latest electric equipment at the December 2024 bauma China, including an updated version of its of its 85-ton autonomous electric mining truck that features a fully cab-less design – meaning there isn’t even a place for an operator to sit, let alone operate. And that’s too bad, because what operator wouldn’t want to experience an electric truck putting down 1070 hp more than 16,000 lb-ft of torque!?
Easy in, easy out
The best part? All of the company’s heavy equipment assets – from excavators to terminal tractors to dump trucks and wheel loaders – all use the same 400 kWh BYD battery packs, Milwaukee tool style. That means an equipment fleet can utilize x number of vehicles with a fraction of the total battery capacity and material needs of other asset brands. That’s not just a smart use of limited materials, it’s a smarter use of energy.
You can check out all the XE215EV’s specs at this tear sheet, and get an in-person look at the Chinese company’s latest electric excavator this week in Munich, Germany.
SOURCE | IMAGES: XCMG.
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