BYD Co. Ltd. is a publicly listed Chinese conglomerate manufacturing company headquartered in Shenzhen, Guangdong, China. It was founded by Wang Chuanfu in February 1995. The company has two major subsidiaries, BYD Automobile and BYD Electronic. BYD Company manufactures automobiles, buses, electric bicycles, trucks, forklifts, solar panels and rechargeable batteries.
It has grown to become a major manufacturer of automobiles (most notably full-electric and hybrid cars, buses, trucks, etc.), battery-powered bicycles, forklift, solar panels and rechargeable batteries (mobile phone batteries, electric vehicle batteries and renewable bulk storage). The name BYD is an abbreviation of “Build Your Dreams”.
BYD faces fierce competition from both domestic rivals and Tesla in a relentless price war. The battle for market share led to price cuts from all sides, with the goal of increasing accessibility and product penetration.
The company said the acquisition is expected to enhance its market share and foster synergy with its existing products, ultimately boosting its overall competitiveness.
