Many consumers see BYD primarily as a Chinese electric vehicle (EV) maker that has recently emerged as one of the world’s top EV sellers. In Korea, BYD surpassed 10,000 units in cumulative sales less than two years after entering the market in January 2025. BYD’s rise, however, is rooted in its long-standing battery expertise, with the company building electrification capabilities for nearly two decades before becoming widely known as a major EV maker. BYD began in 1994 as a small battery manufacturer in Shenzhen, China. It later expanded into solar power and energy storage systems, developing into a broader clean technology company. The company entered the automotive industry in 2003 after acquiring Chinese automaker Qinchuan Automobile. In 2008, BYD unveiled the F3DM, the world’s first mass-produced plug-in hybrid EV. The model drew significant attention because of its approach of making the electric motor the primary source of propulsion while using the engine when greater efficiency was required. The system, dubbed Dual Mode (DM), was distinctive enough, and some media outlets