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BYD Emerges as Leader in China’s Electric Vehicle Industry

Written by KrASIA Writers Published on   1 min read

BYD’s Wang Chuanfu urges peers to pay attention to market changes and prepare for opportunities in the Chinese new energy vehicle market.

As the Chinese automotive market transitions to electric vehicles, BYD has emerged as a leader, achieving impressive sales figures in the first quarter of 2022. BYD’s Chairman and President, Wang Chuanfu, has predicted that domestic sales of new energy vehicles will reach between 8.5 million to 9 million units this year. He emphasized that the market is adjusting daily and called on the industry to “pay attention to small changes in the market, think calmly, and respond calmly.”

BYD’s sales of new energy vehicles reached 207,000 in March, and the cumulative sales in the first quarter reached 552,000, a year-on-year increase of 92.81%. BYD’s cumulative sales in the first quarter were 130,000 higher than Tesla’s, making it the world’s top seller. The company’s operating income last year was RMB 424 billion (USD 61.3 billion), a year-on-year increase of 96.2%, while its net profit increased by 445.86%.

During the recent China Electric Vehicle 100 Forum (2023), Wang proposed two suggestions: to extend the new energy vehicle purchase tax reduction policy until 2025, and to promote the new energy vehicle charging mode of “multi-gun fast charging”. BYD has more than 100 patents on this model, which was originally intended to be open to the industry for free use.

Wang believes that the Chinese new energy vehicle market is approaching a critical point. He highlighted that “enterprises must have innovative technology, precise strategy, and flexible decision-making, all of which are indispensable. Only in this way can enterprises survive.”


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