China's electric vehicle and battery maker BYD Co Ltd will restructure its businesses to increase competitiveness amid growing competition from rivals.

Through the effort, it aims to bring its sales revenue to 1 trillion yuan ($150.8 billion) by 2025, BYD Chairman and President Wang Chuanfu announced on Saturday at an executive meeting.

The company did not specify how it will make the restructuring, but a report by eeo.com.cn said it will split its businesses in vehicle-mounted software, molds, battery and other components as well as other sectors to allow them to operate independently.