Chinese electric vehicle (EV) manufacturer, BYD BYDDY BYDDF, has announced plans to hire an additional 20,000 workers in Zhengzhou in the first quarter, as it seeks to increase production capacity.
What Happened: BYD is gearing up for a significant workforce expansion in Zhengzhou, focusing on areas such as research and development (R&D) and manufacturing, reported Reuters on Thursday. The government-run Henan Daily originally published the report, stating that the hiring surge is part of BYD’s strategy to boost production capacity at its Zhengzhou facility.
The Zhengzhou production base, situated in China’s central Henan province, currently employs approximately 60,000 workers. The facility witnessed a substantial increase in production last year, with 545,000 vehicles rolling off the assembly line, marking a 169.8% increase.
The new hires will strengthen BYD’s workforce as the company continues to expand its operations and production capabilities, aligning with the growing demand for electric vehicles.
Why It Matters: This move by BYD comes on the heels of a series of significant developments for the company. In January, BYD reported a 47.5% growth in new energy passenger vehicle sales, driven by the popularity of its plug-in hybrid EVs. Additionally, the company overtook Tesla TSLA in new vehicle registrations in the UK in January, further solidifying its position in the global EV market.
Moreover, BYD is also expanding its overseas manufacturing footprint, with plans to open a new EV plant in Indonesia with a capacity to produce 150,000 vehicles annually by the end of 2025, as reported by Electrek. This expansion aligns with BYD’s strategy to meet the growing global demand for EVs and maintain its competitive edge in the market. Eagles Zhao, BYD's president director in Indonesia said, "Every single progression of our local manufacturing is quite smooth and also on the track. We will keep our commitment, which is by end-2025.”
Citi Research has named BYD as the top EV stock pick for 2025. It expects that the Chinese EV maker’s new product launches between mid- and late February 2025, the broadening of its pricing strategy, and the rollout of its ADAS technology, the debut of its advanced BEV platform will lead to a surge in order intake. Citi Research also indicated that BYD is strategically positioned to handle potential challenges in the EV market, including the possibility of a price war amid modified government subsidies.
Image via Shutterstock
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
© 2025 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
