BYD Refutes “Chinese Military Company” Blacklist

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In addition to NIO’s response, BYD issued a statement to the Hong Kong Stock Exchange (01211) yesterday (Google translation, English here):

This announcement is a voluntary announcement made by BYD Company Limited (the “Company”, together with its subsidiaries, the “Group”).

Our company notes that the U.S. Department of Defense issued a “Notification Regarding the Designation of Chinese Military Industrial Enterprises” on June 8, 2026 (U.S. time). According to this notification, the U.S. Department of Defense has included our company in the list of Chinese military industrial enterprises (hereinafter referred to as the “List of Chinese Military Industrial Enterprises”).

Since our group is neither a Chinese military enterprise nor a military-civilian integration enterprise of China’s defense industry, we believe there is no legitimate reason for including our company on this list.

The list of Chinese military industrial enterprises is not a sanctions list. Being included in the list will not affect the Group’s normal business operations, nor will it affect the Group’s business dealings with any person (except the U.S. Department of Defense); the U.S. government procurement restrictions related to the list will not affect the Company’s business, and the list of Chinese military industrial enterprises does not restrict the trading of the Company’s securities.

If the Company subsequently initiates a review process or takes legal action if necessary to remove the Company from the list of Chinese military enterprises, the Company will issue further announcements in due course.

Unfortunately, you can make a convoluted argument that almost any company around the world is connected to at least one military somehow. Often multiple militaries, even if the connection is loose. It could be cooperation with a non-military regulatory agency of a government that also has a military. It could be supplying a military contractor with a product that is not a weapon. Every company that has ever shown up in TechBriefs or worked with a national laboratory could also be considered state-sponsored and connected to the US military. You could also argue that every company that sponsors research at state universities is connected. GM, which claims 1/3 of its global sales through Chinese state-run JVs with SAIC and FAW, but also has a US defense division, is more closely tied to both the US military AND the Chinese military than the private sector automakers added to the blacklist. Go far enough down the rabbit hole and virtually every company in the world could go on a military blacklist for one country or the other (or multiple, competing countries at the same time). However, the companies added to Hegseth’s list are clearly not due to legitimate national security concerns…