The company’s rise isn’t limited to financials. Its massive factory in Zhengzhou, China, is expanding rapidly and is expected to rival, or even exceed, the size of San Francisco once fully completed.
The automaker, which has been operating for three decades, has seen a 29% year-over-year revenue increase. While BYD generated more revenue than Tesla, the American company still led in profits, reporting $7.1 billion compared to BYD’s $5.44 billion.
This shift in market dynamics reflects a broader trend in China, where local consumers are increasingly choosing domestic electric vehicle brands. This changing preference is benefiting companies like BYD and creating serious competition for established players.
BYD’s Zhengzhou complex is a cornerstone of its infrastructure strategy. The facility, still under development, is divided into eight phases and will cover roughly 50 square miles once completed—ten times larger than Tesla’s Gigafactory in Nevada.
Currently, nearly 60,000 of BYD’s 90,000 employees work at the site. The company plans to hire an additional 200,000 workers globally in the near future. Employees will have access to on-site housing and recreational facilities. The Zhengzhou plant is expected to produce up to one million vehicles annually, accounting for about a quarter of BYD’s New Energy Vehicle sales in 2024.
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