Chinese EV Industry 3-5 Years Ahead of Global Competitors, Says BYD Chairman

China's electric vehicle (EV) sector is three to five years ahead of global competitors in terms of technology, product development, and supply chain integration, according to BYD CEO Wang Chuanfu. He made this statement during an interview with China's national television broadcaster.

Wang’s remarks followed his participation in a symposium hosted by Chinese President Xi Jinping, where he joined key figures from China’s technology industry.

During a February 17 interview with CCTV, Wang reaffirmed that Chinese new energy vehicles (NEVs) hold a significant lead over global competitors. He highlighted China’s dominance in hardware, software, pricing, and supply chain efficiency, calling for a relaxation of trade restrictions.

China surpassed Japan in 2023 to become the world's largest automobile exporter. However, its EV exports have encountered trade barriers, including tariffs imposed by the United States and the European Union. 

Founded in February 1995 with a modest workforce of 20 employees, BYD has since grown into one of China’s leading automotive manufacturers, employing over 900,000 people. The company initially specialized in battery production before entering the automotive industry in 2003 through its acquisition of Qinchuan, a manufacturer based in Xi'an, Shaanxi province.

China’s rapid transition to electrification has propelled BYD to the forefront of the global NEV market. In March 2022, the company ceased production of conventional internal combustion engine (ICE) vehicles to focus exclusively on plug-in hybrid electric vehicles (PHEVs) and battery electric vehicles (BEVs).

BYD marked a major milestone on May 19, 2021, when its one-millionth NEV rolled off the assembly line. This figure surged to 10 million by November 18, 2024.

In 2024, BYD achieved record-breaking sales, delivering 4,272,145 NEVs. The company also expanded its global presence, selling 417,204 NEVs in international markets last year, up 71.86% from 242,765 units in 2023.

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Photo-Bloomberg