BYD Chairman and President Wang Chuanfu stated that Chinese new energy vehicles (NEVs) are leading globally and urged for a more open market to let more people experience them.
BYD Chairman and President Wang Chuanfu stated that Chinese new energy vehicles (NEVs) are leading the global market by 3-5 years in terms of products, technology, and industry development. He emphasized the need for a more open world to allow broader access to these advancements.
“Only through openness and innovation can the world experience these high-quality products and grow together,” Wang said in an interview with state broadcaster CCTV, as per a transcript released yesterday.
Wang highlighted BYD’s team of 110,000 engineers as the company’s greatest asset, attributing its technological progress and green development to their efforts.
The interview took place on February 17 following a high-level Chinese government symposium on private enterprises. Other notable attendees included Huawei founder Ren Zhengfei, Xiaomi founder Lei Jun, and DeepSeek founder Liang Wenfeng.
Founded in February 1995 with just 20 employees, BYD has grown into one of China’s largest automakers, now employing over 900,000 people. Originally a battery manufacturer, the company entered the automotive sector in 2003 by acquiring Qinchuan, a car manufacturer based in Xi’an, Shaanxi province.
As China’s auto industry rapidly shifted toward electrification, BYD became the world’s largest NEV maker. In March 2022, it ceased production of fully gasoline-powered vehicles to focus on plug-in hybrid (PHEV) and battery electric (BEV) models.
BYD’s NEV production milestones include its one-millionth vehicle rolling off the assembly line on May 19, 2021, and its ten-millionth on November 18, 2024.
In 2024, the company sold a record 4,272,145 NEVs, marking a 41.26 percent increase from 3,024,417 in 2023, according to data from CnEVPost. Overseas sales surged 71.86 percent, reaching 417,204 units compared to 242,765 in 2023.
