BYD, the world’s leading new energy vehicle (NEV) manufacturer, has joined the world’s 10 biggest car companies by sales for the first time, surpassing Mercedes-Benz Group and BMW. BYD’s global new vehicle sales grew 96% on the year to 1.25 million NEVs in the first half of 2023, putting it in 10th place.

BYD sold a record 274,386 vehicles in August and rewrote its monthly delivery record for a fourth consecutive month in August 2023. BYD released its first-half-year report, which showed 260.12 billion yuan ($35.66 billion) of revenues, up 72.72 percent. Revenue from auto-making and related businesses reached 208.82 billion yuan, up 91.1 percent year-on-year.

BYD’s progress is attributed to the company’s huge investment in products innovation and industrial chain. The company invested 14.25 billion yuan in research and development (R&D), up 120.2 percent year-on-year and surpassing its net profit for the period.