Diversified financing modes of BYD in the new energy vehicle industry

Vollständiger Abstract

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The expanding new energy vehicle industry requires manufacturers to finance R&D, capacity construction, supply chain integration and overseas operation simultaneously. This paper investigates BYD's diversified financing modes and evaluates their effects on enterprise growth, liquidity and risk control. It adopts the research method combining case study, literature review, financial statement analysis and structural comparison. It also analyzes internal financing, bank loans, bond financing, equity financing, trade credit and policy-based green finance, focusing on financial data from 2022 to 2025. The results demonstrate that operating cash flow and retained earnings remain the foundation of BYD's financing system, while external financing becomes more significant during the accelerated globalization stage. BYD's shift from self-financed development to a more balanced but more complex capital structure in 2025 is marked by delayed operating cash generation, significant private placement, and rapid loan growth. Diversification improves financing capacity and term flexibility, but also raises higher requirements for liquidity management, refinancing, exchange rate and governance.