MASHINIi

BYD Company Ltd.

1211.HKEX | Manufacture of motor vehicles

BYD Company Ltd. is a Chinese manufacturer of automobiles, buses, electric bicycles, forklifts, solar panels, and rechargeable batteries (including battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs)). It has grown to become a major player in the electric vehicle market, pr...Show More

Value Scores

Better Health for All0
-100100
Fair Money & Economic Opportunity-10
-100100
Fair Pay & Worker Respect-20
-100100
Fair Trade & Ethical Sourcing-60
-100100
Honest & Fair Business0
-100100
Kind to Animals0
-100100
No War, No Weapons-30
-100100
Planet-Friendly Business-70
-100100
Respect for Cultures & Communities-30
-100100
Safe & Smart Tech-40
-100100
Zero Waste & Sustainable Products-20
-100100

Better Health for All

0

No evidence available to assess BYD Company Ltd on Better Health for All.

Fair Money & Economic Opportunity

-10

BYD Company Ltd. is primarily a manufacturer of automobiles, batteries, and electronics, not a financial institution offering lending or deposit services to consumers. Therefore, most KPIs related to financial products and services are not applicable. The company does not offer dedicated inclusion programs, nor is it regulated as a lender, resulting in a score of 0 for these KPIs. For profit reinvestment, BYD's 2024 donation expenditure was RMB 29.965 million, and it invested over RMB 1.8 billion in an Employee Share Ownership Plan (ESOP).

1
However, its 2024 gross profit was RMB 151,056 million.
2
The combined donations and ESOP investment represent less than 0.5% of gross profit, which is the closest available proxy for pre-tax profit, leading to a negative score. The company does not offer financial products requiring disclosure or explanation, nor does it provide debt products to consumers, or operate financial service access points, resulting in a score of 0 for product simplicity, debt burden ratio, and geographic inclusion. While BYD supports education through donations,
3
it does not offer financial literacy programs as defined by the rubric,
4
leading to a score of 0 for financial literacy initiatives.

Fair Pay & Worker Respect

-20

In 2024, BYD Electronic reported a grass-root staff employee turnover rate of 2.80%, with male employee turnover at 2.50% and female at 2.21%.

1
However, the company faced significant labor violation incidents. In December 2024, Brazilian authorities suspended construction of a BYD factory due to labor violations, with conditions likened to "slavery" among Chinese Jinjiang Construction workers.
2
Over 160 workers were "rescued" from inhumane conditions, with 60% of their salaries and passports allegedly withheld.
3
Inspectors found safety violations, including long working hours for 25 consecutive days, and 600 employees sharing only eight poorly maintained toilets.
4
A November 2024 investigation revealed similar violations by other contractors at the same site.
5
Federal prosecutors in Brazil filed a lawsuit against BYD and its contractors seeking 257 million reais (approx. US$45 million) in damages, and a 2023 raid at a BYD construction site in Brazil rescued 220 Chinese workers.
6
In China, mass worker strikes erupted in BYD factories in Wuxi and Chengdu in early 2024, following pay cuts that saw monthly income plummet from 5,000–6,800 yuan to 3,000–4,000 yuan.
7
The Human Rights Watch report from February 2024 also implicated BYD in the use of aluminum potentially tainted by Uyghur forced labor in China.
8
For health insurance, the company pays for social medical insurance in compliance with local laws and regulations and provides annual health check-ups for employees, with 100% coverage for those in arduous positions.
9
The company states that 100% of its employees are covered by social medical insurance.

Fair Trade & Ethical Sourcing

-60

Brazilian investigators found 163 Chinese workers employed by BYD contractor Jinjiang in "slavery-like conditions" at a BYD factory construction site in Camacari, Brazil.

1
The Public Labour Prosecutor's Office (MPT) rescued 220 Chinese workers following an anonymous complaint and is seeking 257 million Brazilian reais ($45.5m) in damages.
2
Workers' contracts included clauses violating labor laws, such as passport confiscation and wage remittance to China.
3
BYD claims it was unaware of the violations until media reports in late November and subsequently ended its contract with Jinjiang.
4
BYD and Jinjiang will be charged with hampering the probe and face a potential fine.
5
The average repair time for violations was approximately 300 days. BYD Electronic conducts annual on-site or video audits for suppliers, with re-audits within six months for issues.
6
BYD Electronic requires all 5,081 suppliers to sign a cooperation agreement containing CSR provisions and a Supplier Anti-Commercial Bribery Commitment.
7
In 2024, 16 suppliers were terminated for violating integrity cooperation agreements, and 23% of suppliers were downgraded for not meeting BYD's requirements.
8
Human Rights Watch reports that 9% of the global aluminum supply comes from Xinjiang, China, where Uyghurs are subjected to forced labor, and more than 15% of China's aluminum production originates from Xinjiang.
9
BYD is among carmakers identified as having potential exposure to this risk.
10

Honest & Fair Business

0

No evidence available to assess BYD Company Ltd on Honest & Fair Business.

Kind to Animals

0

No specific, concrete data points were found in the provided articles to assess BYD Company Ltd against any of the 'Kind to Animals' KPIs. The articles did not contain explicit information regarding cruelty-free certifications, animal testing policies or volumes, alternative testing methods, humane certifications for operations, measurable wildlife conservation impact, ethical input substitution percentages, supplier audit percentages for animal welfare, cage-free sourcing, R&D investment in animal-free technologies, animal agriculture ethics, animal-free R&D collaboration, or public policy engagement related to animal welfare.

1

No War, No Weapons

-30

BYD Company Ltd.'s 2022 and 2024 sustainability reports do not mention any revenue from arms or defense contracts.

1
2
However, the company has a reported contract to distribute automobiles and transfer energy technology into Iran, a country subject to sanctions.
3
In 2020, CalSTRS initiated a review of BYD Electronic due to potential ties to Iran, indicating a policy that commits to divestment within 12 months of new conflict exposure.
4
The 2024 Sustainability Report mentions conducting due diligence on conflict minerals for the first time, but does not provide a percentage of the supply chain certified conflict-free.
5
The 2022 CSR report states that suppliers are explicitly prohibited from purchasing conflict minerals, but no percentage of compliance is given.
6
The 2022 CSR report also mentions self-developed online general education courses on export control, but no percentage of exports covered by verifiable end-user certificates is provided.
7
The company's 2022 CSR report states it supports UNGP in principle, but implementation is uneven across divisions. There is no evidence of codified ethical red lines or verified zero exposure to controversial weapons.
8

Planet-Friendly Business

-70

BYD's total Scope 1, 2, and 3 GHG emissions were 13,428,138.69 tCO₂e in 2024, an 8.81% increase compared to 2023.

1
Scope 3 emissions were 3,326,312.49 tCO₂e, with a breakdown for 3 out of 15 categories.
2
The company has a carbon neutrality target for its entire value chain by 2045 and aims to reduce operational carbon intensity by 50% by 2030 (compared to 2023), but these targets are not stated as SBTi-validated.
3
In 2024, BYD's renewable electricity accounted for 17.3% of its total power consumption.
4
BYD Electronic, a subsidiary, achieved 57.94% green electricity usage in 2024.
5
BYD Electronic's water consumption intensity was 1.19365 m³ per RMB10,000 revenue in 2024.
6
BYD Electronic achieved a waste conversion rate of over 90% in 2024, reaching zero landfill.
7
BYD has assessed the carbon footprint of 9 NEV models and 4 battery models, and BYD Electronic assessed the carbon footprint of handset frames and X3 electronic heaters.
8
BYD recycled 162,178.73 tons of scrap aluminum in 2024.
9
The company has a Declaration on Biodiversity and a Declaration on No Deforestation.
10
BYD Electronic reported no environmental accidents or administrative penalties in 2024.
11
BYD's 2024 Sustainability Report references TCFD but does not provide specific alignment details.
12

Respect for Cultures & Communities

-30

BYD has no reported cultural appropriation incidents.

1
The company's grievance mechanisms for community concerns are available through BYD Electronic's multiple complaint channels
2
and BYD Brazil's internal whistleblowing channel,
3
but the coverage percentage across all operational sites is not specified, leading to a score of -50 (15-30% coverage) as the closest tier to partial availability. The proportion of procurement spending directed to local suppliers is 31% for bus chassis components in BYD Brazil,
4
which maps to the -50 tier (10-20%) when choosing the tier closer to zero. BYD's total donation expenditure was RMB 29,965,000 in 2024,
5
and it established a 3 billion Yuan education charity fund.
6
While there are donations to a school history museum
7
and support for educational materials for a local care center,
8
the specific percentage of revenue donated to cultural heritage organizations is not provided, leading to a score of -50 (0.5-2% of revenue) as the closest tier to some, but unspecified, cultural giving.

Safe & Smart Tech

-40

Research published in October 2025 revealed that sensitive personal information, including driver locations and contact details, could be easily extracted from a 2023 BYD ATTO 3's multimedia head unit.

1
The data was unencrypted and lacked strong passwords, and a faulty encryption implementation vulnerability (CVE-2025-7020) was discovered in BYD’s DiLink 3.0 OS.
2
The research also indicated that driver's private information is being reported to Chinese servers via a pre-installed GSM modem in BYD vehicles.
3
Users were not prompted for consent to collect private information like location and contacts, even after a factory reset, and this omission is still prevalent in BYD vehicles.
4
While BYD states it uses industry-leading encryption technology and has obtained R155 (CSMS) and R156 (SUMS) system certifications, and its FinDreams Battery subsidiary holds ISO/IEC 27001 and TISAX (AL3) certifications, the specific findings in the 2023 ATTO 3 indicate significant gaps.
5
BYD states it prioritizes collecting only necessary data, such as with voice-activated smart services, and that vehicle cameras process data locally without storing captured information.
6
The company also provides comprehensive privacy notices for mobile apps and vehicle systems, and users have control over sensitive permissions.
7
BYD's FinDreams Battery subsidiary reported no information security incidents in FY2024, and the BYD Commercial Vehicle Division maintained a record of zero accidents throughout 2023.
8
BYD states compliance with various laws including the Cybersecurity Law, Data Security Law, Personal Information Protection Law, and GDPR, but the research notes that data privacy enforcement for vehicles is behind the curve, citing fines against other automotive companies for data privacy failures.
9

Zero Waste & Sustainable Products

-20

Several BYD vehicle models demonstrate high recyclability, with the BYD SEAL 5 achieving 98.0% recyclability and the BYD YUAN UP, BYD SEALION 7, and BYD Sea Gull all exceeding 97.5%.

1
The recycling rate of some packaging materials has reached over 90%.
2
The company saved 324.86 tons of cardboard boxes and 295.23 tons of wooden crates by replacing them with reusable European Standard Containers, boarding boxes, and plastic pallets.
3
The proportion of recycled content in metal parts using recycled materials ranges from 30% to 100% for BYD Electronic.
4
FinDreams Battery successfully introduced recycled cobalt into its products and obtained UL2809 certification.
5
The company is establishing a power battery recycling network and has repurposing production bases in Shanghai and Shanwei, Guangdong, with a total recycling volume of over 10,000 tons in 2024.
6
The Blade Battery is designed for over 15,000 charge and discharge cycles, exceeding vehicle lifespan, enabling recycling for energy storage or low-speed EVs.
7
Over 410 new projects for production technologies and processes and energy-saving improvements were implemented, saving over 53,000 tons of standard coal and reducing carbon emissions by over 210,000 tons of CO2 equivalent.
8
In 2024, FinDreams Battery reported a 93.18% utilization rate of harmless waste and achieved 100% compliant disposal of solid waste.
9
The Commercial Vehicle Division also achieved 100% compliance in the treatment of solid waste and hazardous waste in 2023.
10
BYD had zero environmental incidents and incurred no environmental administrative penalties in 2024.
11
The company has company-wide waste reduction targets with timelines, aiming for carbon neutrality across its value chain by 2045 and a 50% reduction in carbon intensity of its own operations by 2030, using 2023 as a baseline.
12
BYD has formulated internal systems, such as the BYD Supplier ESG Management Regulations, which define environmental protection requirements for all direct suppliers.
13

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AI-generated analysis based on publicly available data. Not financial advice. Ratings are expressions of opinion derived from automated models and may contain inaccuracies. See our Risk Disclosure for full details.