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Chinese carmakers will ‘upend’ the global auto industry, says BYD founder Wang Chuanfu as company makes 5 millionth EV
- ‘China has yet to create a single international marquee of its own that is universally recognised and respected,’ says Wang Chuanfu
- Only big sales growth outside mainland China will prove BYD is in the same league as global household names, analyst says
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Daniel Renin Shanghai
BYD founder and chairman Wang Chuanfu has pledged that his company will not only grow market share outside mainland China but also crack into the top tier of carmakers worldwide, commanding the same recognition and esteem as global household names.
“China has yet to create a single international marquee of its own that is universally recognised and respected,” Wang said at a ceremony to witness BYD’s 5 millionth electric vehicle (EV) rolling off the production line in Shenzhen. “It is time for Chinese carmakers to upend the order of the global automotive industry and chart a course into a new vast territory.”
The billionaire’s remarks on Wednesday evening reflect BYD’s ambition to sell more electric cars abroad to show China’s growing prowess in the EV sector, even though the Shenzhen-based company, which is about 10 per cent owned by Warren Buffett’s Berkshire Hathaway, is already the world’s largest EV builder.
BYD overtook Tesla to become the world’s top EV maker in terms of sales last year. However, most of its sales come from mainland China, the world’s largest electric-car market. Total EV sales in China represented about 60 per cent of the global total in 2022.
Wang said BYD and its Chinese peers aim to build themselves into powerhouses like General Motors, Volkswagen and BMW, whose products are well received by drivers around the world.
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