Key Points
- BYD now employs over 900,000 people, becoming China’s largest employer among listed companies.
- With 110,000 R&D staff, BYD is the top automaker in this category and has hired nearly 50,000 fresh graduates in two years.
- The hiring spree aligns with government efforts to boost employment amid a high youth unemployment rate of 17.1%.
- In contrast, foreign automakers like Volkswagen, General Motors, and Honda are cutting jobs in China due to declining sales.
Chinese electric vehicle (EV) giant BYD Company Ltd. has significantly increased its workforce, now employing over 900,000 people, making it one of the largest employers in the country. According to Li Yunfei, BYD’s general manager for branding and public relations, this marks a 5.8% increase from the end of August. The company’s rapid hiring aligns with the Chinese government’s push to create more jobs amid a slowing economy, especially for college graduates.
BYD’s workforce expansion makes it the largest employer among more than 5,300 companies listed on the Chinese mainland stock exchanges. The company has nearly 110,000 technology and R&D staff, positioning it as the world’s largest automaker by R&D personnel. Over the past two years, BYD has hired nearly 50,000 fresh graduates, reflecting its commitment to investing in young talent.
The hiring spree comes at a critical time, as a record number of college graduates are entering a labor market strained by economic disruptions due to COVID-19 and regulatory crackdowns on key sectors like finance, tech, and education. According to the National Bureau of Statistics, the unemployment rate for Chinese youth aged 16-24 reached a 2024 high of 17.1% in July.
While BYD and other domestic companies like JD.com are ramping up hiring, many foreign automakers in China are downsizing due to declining sales. Companies like SAIC and joint ventures with Volkswagen and General Motors have announced plans to cut jobs by double-digit percentages this year. Honda has also reduced its workforce in its two joint ventures in China.
According to BYD’s latest earnings report, the company had around 750,000 employees as of June 30, with total staff costs representing 17.54% of its revenue for the year’s first half. The company reported an improved net profit in the second quarter despite engaging in a price war with aggressive discounts on its popular models.
