To date, BYD has more than 90,000 R&D engineers and has filed more than 48,000 patents worldwide, according to an announcement.

(Image credit: CnEVPost)

As China's largest new energy vehicle (NEV) maker, BYD (OTCMKTS: BYDDF) has a large R&D team.

BYD will continue to strengthen its R&D investment and foster new productivity through continuous technological innovation, it said yesterday.

The company released an action plan on its drive to improve the quality of the company and returns to shareholders in an exchange announcement yesterday, saying it will practice long-termism and strengthen its main businesses.

To date, BYD has more than 90,000 research and development engineers, applied for more than 48,000 patents globally and has been granted more than 30,000 patents, according to the announcement.

The announcement did not mention BYD's current total number of employees. An ESG report released by BYD in March 2023 showed it had 570,060 employees at the end of 2022.

In the automotive sector, BYD's business covers vehicle technology, as well as upstream core components including batteries, motors and electronic controls, the announcement noted.

BYD also said it is aiming to gain a leading position in the premium market by launching several premium models in 2024.

The company rebranded Denza, its joint venture with Daimler, in 2022 and increased its stake to 90 percent. The new Denza brand has already launched premium models including the D9, N7 and N8.

In addition to Denza, BYD also has the premium Fang Cheng Bao brand, and the Yangwang brand, which targets the market in the RMB 1 million ($140,000) class.

Hot sales of these premium brand models have enhanced BYD's profitability and boosted the company's brand image, BYD said.

In January, the Denza brand sold 9,068 vehicles, Fang Cheng Bao delivered 5,203 vehicles, and Yangwang delivered 1,652 vehicles, according to figures released by BYD earlier this month.

Beyond its home market, BYD is also pushing forward with its internationalization strategy.

BYD officially launched its strategy to enter overseas markets with passenger NEVs in 2021, and the company's presence now covers more than 70 countries and regions, it said.

BYD will also open localized production in regions including Thailand, Brazil and Hungary, it said.

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