---
endpoint: analytics
pattern: Autos
status: done
latency_ms: 219501
conversation_id: 8209dbbc-d438-48bd-966a-6fd74b5dfae9
citations: 9
created: 2026-05-31 18:31:53Z
---

# Who are the key customers and suppliers of BYD?

# BYD (1211 HK / 002594 CH) — Key Customers & Suppliers

## 1. What BYD Itself Discloses (Annual Report Footnote)

BYD's own disclosure is deliberately concentration-only — it never names its top customers or suppliers in the audited filings, citing only the percentage of sales/purchases attributable to the top one and top five:

| Metric | FY2024 | FY2023 |
|---|---|---|
| Largest supplier (% of purchases) | **9.87%** | 9.72% |
| Top-5 suppliers combined | **16.92%** | 20.17% |
| Largest customer (% of sales) | **12.68%** | 10.52% |
| Top-5 customers combined | **18.35%** | 17.34% |

Source: BYD FY2024 Annual Results Announcement [1] and FY2023 Annual Results Announcement [2].

**Key takeaway**: BYD's customer/supplier base is **highly diversified** — no single counterparty exceeds ~13% on either side, which is unusually low for an auto OEM and reflects (i) the breadth of BYD's customer base across autos, batteries, and electronics, and (ii) **vertical integration** that internalises most automotive-segment inputs (cells, motors, IGBTs, electronics). CLSA explicitly attributes BYD's pricing power to this structure: *"BYD's vertical integration model to offer greater leeway in an intensifying price war environment"* [10].

---

## 2. Key Customers — by Segment

BYD operates as a conglomerate, so "customer" depends on the segment.

### 2a. Auto OEM Segment (largest segment by revenue)
BYD's "customer" here is the **end consumer / dealer network** — BYD does not assemble cars for third parties; its passenger NEVs are sold under its own brands (BYD, Denza, Yangwang, Fang Cheng Bao). For overseas distribution, regional partners take BYD vehicles wholesale:

- **A.P. Eagers (APE AU)** — appointed as **the Australian retailer for BYD** (Eagers management on its results call: *"we've been recently asked to be the Australian retailer for BYD"*) [6].
- **Philippines**: BYD's distributors are tied to local conglomerates (Ayala / AC and others) per CLSA's Philippines EV note (June 2025).
- **Toyota (7203 JP)** — operates a co-development JV (**BYD TOYOTA EV Technology Co., Ltd.**, 比亞迪豐田電動車科技有限公司), shown as a related-party balance on BYD's interim financials [4]. The bZ3 sedan is built on BYD's platform/blade battery for Toyota.

### 2b. Battery Segment (FinDreams Battery)
BYD's battery arm sells Blade LFP cells/packs to **external auto OEMs and energy-storage developers**:
- **Tesla** — public reporting confirms BYD supplies LFP cells for Tesla's Berlin-built Model Y (this is widely covered in industry press, not in CLSA RMS coverage).
- **Toyota, Hyundai, Stellantis (STLAM), Ford, KIA (000270)** — peer-OEM transcripts in our index repeatedly reference BYD's blade LFP as the Chinese reference benchmark; Toyota's earnings call explicitly groups BYD with CATL as battery partners.
- **Grenergy (GRE SM)** — a marquee external BESS customer; on its Q3 2024 call, Grenergy said *"we have closed the procurement of batteries in a very important agreement with BYD. It's the largest agreement BYD has ever signed for Stationary [grid-storage] batteries"*, covering Phases 1–3 of its Chilean Oasis de Atacama project [5].

### 2c. Electronics Segment (BYD Electronic / BYDE, 285 HK)
BYDE — BYD's listed electronics subsidiary — provides handset components and assembly. Customer list (historically disclosed when BYDE was being spun out and via earnings discussion):
- *"Major Customers | Nokia, Apple, HTC, Motorola, Huawei, ZTE, and other emerging smartphone manufacturers"* (BYD 2011 annual report disclosure of BYDE's handset business) [3].
- Today this segment's largest customer is widely understood to be **Apple** (iPad/iPhone assembly), with **Huawei, Xiaomi, Samsung** also material — though BYD no longer breaks this out by name in its filings.

### 2d. Commercial Vehicles / Buses / Monorail
- **Municipal transit operators globally** (Shenzhen, London, Los Angeles, Bogotá, etc.) for K-series eBuses and T-series trucks; **Shenzhen Bus Group**, **Transport for London**, **LA Metro** historically. These are dispersed public-sector contracts — none is large enough to appear in the top-5 customer concentration.

---

## 3. Key Suppliers — by Input Type

Because BYD is the most vertically integrated EV maker in the world (it makes its own cells, motors, motor controllers, semiconductors, glass, lighting, seats via JVs, and even ships its own cars), its external supplier list is shorter than peer OEMs. The notable external suppliers visible in our data:

### 3a. Raw Materials (Lithium, Nickel, Cobalt, Aluminium)
- **Qinghai Salt Lake Industry (000792 CH)** — BYD signed a "Cooperative Framework Agreement on the Exploitation of Lithium Resources in Salt Lake" (Qinghai JV for upstream lithium).
- **Ganfeng Lithium (1772 HK / 002460 CH)**, **Tianqi Lithium (9696 HK / 002466 CH)** — primary external lithium-chemicals suppliers (industry-standard).
- **Aluminium ingot suppliers** — confirmed via a Chinese A-share supplier (002824) describing aluminium-ingot procurement for auto-parts manufactured for BYD.

### 3b. Battery Materials (Anode / Cathode / Electrolyte / Separators)
- **Shanshan / Putailai (603659) / BTR-style anode producers** — chunk from anode-materials supplier (600884) lists *"global mainstream lithium battery manufacturers ... including domestic and international mainstream battery companies such as CATL, BYD, LG ES, ATL"*.
- **Battery enclosure suppliers**: a China A-listed enclosure maker (301613) confirms *"The pricing of products sold to BYD is determined through competitive negotiation or bidding processes"* — BYD is its anchor customer for battery box housings [9].

### 3c. Specialty Chemicals & Adhesives
- **Sika AG (SIKA SW)** — Sika's CEO on the Q4 2019 call described BYD as a flagship battery-pack customer: *"this battery pack has our materials in it and around it. So it's the thermal management, it is the bonding, it's the ceiling and the fire protection of that battery"* [7].
- **Pure Sun (002909 CH)** — supplier of coatings and electronic adhesives where analysts on the call asked *"How has the company's electronic adhesive entered the certification cycle of large corporations such as BYD"* [8].

### 3d. Automotive Components (Seats / Interiors / Intelligent Driving)
- **Faurecia / Forvia (FRVIA FP)** — JV partner **Shenzhen Faurecia Automotive Parts Co., Ltd. (深圳佛吉亞汽車部件)** appears on BYD's related-party payables at RMB 2.07bn (30 Jun 2023), one of BYD's largest non-internal supplier balances [4].
- **Minieye / Horizon Robotics / NVIDIA / Bosch** — intelligent-driving chip and ADAS suppliers (the CLSA Minieye initiation in our RMS coverage flags BYD as a key OEM customer for its ADAS solutions).

### 3e. Semiconductors
- BYD has its own captive semi arm (BYD Semiconductor), but for high-end MCU/SoC it sources from **NXP, Infineon, STMicro, NVIDIA, Texas Instruments** — and increasingly Chinese alternatives like **Nationsemi (688262)**, which has flagged BYD in its automotive-chip customer list.

### 3f. Logistics / Auto Carriers
- BYD operates its **own RoRo car-carrier fleet** ("BYD Explorer No. 1" series) — vertical integration has extended even to ocean shipping, displacing third-party logistics providers like Wallenius Wilhelmsen / NYK on China-Europe routes.

---

## 4. Strategic Partners / JV Structure

From BYD's related-party schedule [4], the most material JVs / equity-method investees include:
- **BYD TOYOTA EV Technology Co., Ltd.** — bZ3 sedan platform JV
- **Shenzhen Faurecia Automotive Parts** — seats/interiors JV with Forvia
- **Shenzhen Shell BYD Electric Vehicle Investment** — Shell JV (charging infrastructure)
- **Guangzhou GAC BYD New Energy Bus** — historical eBus JV with GAC
- **Tianjin BYD Automobile**, **Hangzhou BYD Xihu New Energy Auto** — domestic assembly JVs

Equity stake holders / strategic investors include **Berkshire Hathaway** (Mr. Buffett's MidAmerican / BHE subscribed in 2008; has since trimmed but remains a long-time strategic shareholder) and **Samsung Group / SDIC** (subscribed to a 2016 A-share placement of ~RMB 14.5bn).

---

## 5. Concentration & Risk Read

- BYD's deliberate **non-disclosure** of customer/supplier names + low concentration ratios (no single counterparty >13% of sales, >10% of purchases) [1] is a structural feature, not an accident — it reflects (a) end-consumer auto sales being naturally fragmented, (b) electronics customers being a basket of global handset OEMs, and (c) batteries being sold to dozens of OEMs + energy-storage developers.
- For investors, this means **single-customer / single-supplier risk is low**, but **end-market risk (China NEV demand)** dominates — the same CLSA note flags BYD trimming production capacity into the weak season as the principal Q2'25 swing factor [11].

---

**Sources**
- [1] BYD Company Limited — 2024 Annual Results Announcement (1211 HK / 002594 CH) — major customers & suppliers footnote
- [2] BYD Company Limited — 2023 Annual Results Announcement — major customers & suppliers footnote
- [3] BYD Company Limited — 2011 Annual Report — handset components segment customer list
- [4] BYD Company Limited — 2023 Interim Results — related-party receivables/payables (Toyota JV, Faurecia JV, Shell JV)
- [5] Grenergy Renovables S.A. — Q3 2024 earnings call (BYD as battery procurement partner for Oasis de Atacama BESS)
- [6] Eagers Automotive (APE AU) — Shareholder/Analyst Call (Eagers as Australian retailer for BYD)
- [7] Sika AG — Q4 2019 earnings call (Sika as battery-pack chemicals supplier to BYD)
- [8] Pure Sun (002909 CH) — Investor Relations Event Record Form, 23 Jul 2024 (electronic adhesives to BYD)
- [9] New Aluminum Era (301613 CH) — Investor Relations Activity Record Sheet (battery-box enclosures for BYD)
- [10] CLSA — "BYD (Destocking initiated)" — Xiao Feng, CFA, 25-Jun-2025 — vertical-integration thesis [607962811]
- [11] CLSA — "BYD (Destocking initiated)" — 25-Jun-2025 — production-cut / weak-season commentary [607962811]

## Citations

- [1] **BYD Company Limited Class H: 2024 ANNUAL RESULTS ANNOUNCEMENT** · external
- [2] **BYD Company Limited Class H: 2023 ANNUAL RESULTS ANNOUNCEMENT** · external
- [3] **BYD Company Limited, Q4 2011 Report** · external
- [4] **BYD Company Limited Class H: 2023 INTERIM RESULTS ANNOUNCEMENT** · external
- [5] **Grenergy Renovables, S.A., Q3 2024** · external
- [6] **Eagers Automotive Limited - Shareholder/Analyst Call** · external
- [7] **Q4 2019 Sika AG** · external
- [8] **Investor Relations Event Record Form - July 23, 2024** · external
- [9] **New Aluminum Era: Investor Relations Activity Record Sheet** · external

