Fortune magazine has released its list of Fortune 500 companies for 2022, and 23 car companies were in it. The Volkswagen Group ranked the highest, followed by Toyota and the Stellantis Group, which is responsible for brands such as Fiat, Maserati, Peugeot, Vauxhall, Chrysler and Alfa Romeo, among others.
Of the 23 car companies, seven are from China, and for the first time ever, BYD (Build Your Dreams) has made the prestigious list. The other Chinese carmakers in this year’s 500 were Zhejiang Geely Holding Group, Dongfeng Motor, SAIC Motor, China FAW Group, Beijing Automotive and Guangzhou Automobile.
The annual ranking of the 500 largest companies in the US is based on each company’s total revenue for the particular year. With a total revenue of US$32.758 billion (RM146 billion) in 2021, BYD made its debut on the Fortune 500 list in 436th place.
BYD’s exploits in the automotive industry include the production of battery electric vehicles, heavy-duty electric commercial vehicles, battery electric school buses, and new energy solutions.
Last year, the Shenzhen-based company sold 730,093 passengers cars, including 593,745 new energy passenger vehicles, representing a 231.6% year-on-year increase from the previous year. BYD has also been leading the sales chart for new energy passenger vehicles in China for nine consecutive years, and it’s just the beginning.
According to reports, BYD surpassed Tesla on the global new energy vehicle sales chart for the first half of 2022. The company shipped 638,157 vehicles against the 564,740 units by Tesla. According to Fortune, BYD’s aggregate sales increase of 19% is the highest annual growth rate in the history of the Fortune 500 list.
In March, BYD announced that it had ceased production of its internal combustion vehicles to focus on battery electric vehicles (BEV) and plug-in hybrid vehicles (PHEV). More recently, the company also marked a new milestone in its globalisation efforts after entering the Japanese passenger car market in July. This will be followed by Sweden and Germany later this year. Currently, BYD has a presence in 70 countries.
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