What’s new: BYD Co. Ltd., China’s top-selling car brand, has hired more than 30,000 college graduates this year, around 80% of which are for research and development (R&D) positions, sources said.
More than 60% of the new recruits graduated with a master’s degree or doctorate, Caixin learned from people familiar with the matter.
The company has been looking to recruit in fields such as electronics, automotive, new energy, semiconductors, railways and transport to fill positions at its headquarters in Shenzhen, as well as for offices in Shanghai, Huizhou and Changsha, according to an introduction of its 2023 fall campus recruitment program on its website.
In late March, Chairman Wang Chuanfu said during an investors meeting that the carmaker would hire a large number of R&D personnel in the next two to three years to ensure it can continue to improve its technology.
The background: BYD dethroned Volkswagen AG as China’s best-selling automaker in 2022, selling 1.8 million plug-in hybrids and full electric vehicles in 12 months, according to data from the China Passenger Car Association.
The hiring spree also comes as China is struggling to find enough jobs for its younger population. The surveyed unemployment rate for people aged 16 to 24 in urban areas was 21.3% in June, the highest in available data going back to 2018.
The government has pledged a variety of measures to support private businesses, which typically absorb a large share of the youth workforce.
Contact reporter Kelsey Cheng (kelseycheng@caixin.com) and editor Michael Bellart (michaelbellart@caixin.com)
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