SHENZHEN-BASED BYD, a world-leading new energy vehicle (NEV) and power battery manufacturer, celebrated a historic achievement as its 5 millionth NEV rolled off the production line Wednesday. This makes BYD the first auto maker in the world to reach this milestone.

BYD spent 13 years to reach its first million NEVs, another 18 months to reach 3 million and an astonishingly short nine months to hit the 5 million mark, according to an announcement from the company Wednesday.

Looking back at the company’s development over the past two decades, Wang Chuanfu, chairman and CEO, was overcome with emotions at the ceremony held at BYD’s global headquarters in Shenzhen to mark this momentous occasion.

“It took BYD 20 years to prove that this company has a future, new energy has a future and Chinese vehicles have a future,” Wang said at the ceremony.

“Research and development (R&D) is a long march to go through before succeeding in self-reliance in science and technology,” Wang added. Over the 20 years, BYD has sustained input in core technology and currently boasts 11 research institutes housing over 90,000 researchers.

In 2022, BYD invested more than 20 billion yuan (US$2.77 billion) in R&D, generating a remarkable growth of 90.31% year on year. As of July this year, the company has showcased its innovative prowess by filing for more than 40,000 patents on a global scale, with over 28,000 already approved.

Since its foundation in 1995, BYD has consistently been at the forefront of technological advancements. Revolutionary innovations such as Blade Battery, DM-i Super Hybrid System, e-Platform 3.0, Cell to Body Technology, e4 Platform and the DiSus Intelligent Body Control System have set new standards in the industry and solidified BYD’s position as a trailblazer in the electric vehicle market.

In the recently unveiled Fortune Global 500 ranking, BYD emerged as a dark horse with the biggest improvement in ranking among all Chinese enterprises.

In 2022, BYD witnessed extraordinary growth in sales of NEVs, with total sales surpassing 1.86 million units. The momentum continued in 2023, as the company reached an impressive cumulative sales volume of 1.5 million units from January to July, including a notable 92,469 units sold overseas which exceeded the total overseas sales for 2022.

“China has become a mighty force in the new energy vehicle production field,” Wang said. “As a fundamentally strong country, China will definitely give birth to a cohort of world-class automotive brands.”

With core technology and a complete industry chain, NEVs are pushing the advancement of all Chinese auto brands, Shenzhen Special Zone Daily reported. China’s NEV exports have surged past those of all other countries, accounting for over 60% of the global market.

(Han Ximin, Cheng Yixuan)