Korean media: Continuous "vertical growth" for three years, BYD enters the top 100 global companies!
On September 12, Korean media "Global Economy" published an article stating that Chinese electric vehicle company BYD has entered the "Top 100" for the first time. In the "2025 Fortune Global 500", it has risen to 91st place. This is the result of a continuous three-year vertical rise, starting from 436th in 2022. The rapid growth of BYD is attributed to its "technology-centered internationalization strategy".
According to Fortune magazine data, BYD rose from 143rd last year to 91st this year in the Fortune Global 500, climbing 52 places. BYD first entered the list in 2022 at 426th, then rose to 212th in 2023, and to 143rd in 2024, and now has entered the top 100.
BYD's four core industries - automotive, electronics, rail transit, and energy - have all shown steady growth. Last year, BYD's sales increased by 29% year-on-year, reaching 777.1 billion yuan, while the sales of environmental vehicles surged by 41%, reaching 4.27 million units. The company has also maintained the leading position in global new energy vehicle sales for the third consecutive year.
Experts believe that this growth is not derived from simple market expansion, but from a "technology-centered internalization model." By adopting a vertical integration structure that allows for self-production of key components such as batteries, motors, and vehicle control software, it can achieve both technological intensification and cost savings.
Professor Hwang Young-sik from Sejong University's School of Business said: "BYD has built a vertically integrated system covering batteries, motors, electronics, and software. In 2023, its R&D staff reached about 100,000, and its rapid growth is due to applying for over 13,000 patents. In addition to the rapid growth in China, it officially launched exports to Europe, Southeast Asia, and the Americas in 2021, and plans to build factories in Europe."
Notably, BYD is striving to differentiate itself by promoting iron phosphate battery technology rather than the ternary batteries focused on by South Korean battery companies. This strategy not only puts structural pressure on the South Korean battery industry but also on the automobile industry reliant on external supply chains. Hwang Young-sik analyzed: "South Korean domestic battery companies have long been developing high-energy density products centered on ternary lithium. However, BYD's iron phosphate battery manufacturing costs are lower, and they also have advantages in safety, thus possessing price competitiveness."
A relevant person from BYD said: "We will quickly respond to changes in the electric vehicle industry and continue to innovate through open cooperation with partners. We will center on customers, provide better products and services, and work with global partners to build stronger technological innovation and brand competitiveness."
As BYD's internationalization model deepens, calls for South Korean battery and automotive industries to completely restructure their strategies are increasing. Hwang Young-sik emphasized: "From a macro perspective, our enterprises need to undergo structural transformation, including internationalization, strengthening software, artificial intelligence, and platform capabilities, developing differentiated technologies, formulating global production strategies, and improving policy systems."
Original: www.toutiao.com/article/1843024616712204/
Statement: The article represents the views of the author.