BYD chairman and president, Wang Chuanfu, recently emphasized that Chinese new energy vehicles (NEVs) are leading the global market by 3-5 years. In an interview with state broadcaster CCTV, Wang urged for a more open world to allow greater access to these advanced vehicles.
He highlighted the significant role of BYD’s 110,000 engineers, labeling them as the company’s most valuable asset. Wang emphasized that innovation, green development, and the collective efforts of BYD’s engineers have been instrumental in driving the company’s success.
The interview took place following Wang’s participation in a high-level symposium on private enterprises, where he engaged with other industry leaders such as Huawei founder Ren Zhengfei, Xiaomi founder Lei Jun, and DeepSeek founder Liang Wenfeng.
Established in 1995 with just 20 employees, BYD has since grown to become one of China’s largest car manufacturers, boasting a workforce of over 900,000 individuals. Initially focused on the battery sector, BYD entered the automotive industry in 2003 with the acquisition of Qinchuan in Xi’an, Shaanxi province.
As China’s auto industry underwent rapid electrification in recent years, BYD emerged as the world’s largest NEV producer. The company took a significant step towards sustainability by discontinuing the production of internal combustion engine vehicles in March 2022, shifting its focus to plug-in hybrid electric vehicles (PHEVs) and battery electric vehicles (BEVs).
BYD achieved key milestones with the production of its one millionth NEV in May 2021 and its 10 millionth NEV in November 2024. In 2024, the company recorded exceptional sales figures, with 4,272,145 NEVs sold, marking a 41.26% increase from the previous year. Notably, overseas markets accounted for 417,204 of these sales, signaling a 71.86% growth compared to 2023.
Wang’s interview underscored the importance of openness and collaboration in driving global innovation and development. With China leading the way in NEV technology, BYD continues to push boundaries and set new standards for the industry.
