BYD chairman and president Wang Chuanfu has asserted that China’s new energy vehicle (NEV) industry is three to five years ahead of the global market in product development, technology and supply chain capabilities.
This echoes the sentiments of Ford CEO Jim Farley, who recently asserted that Chinese electric vehicle (EV) technology is up to a decade ahead of its Western counterparts.
Speaking in an interview with state-sponsored CCTV, Wang emphasised the need for global openness to foster innovation and wider adoption of advanced NEVs.
He suggested that openness and innovation are key to allowing the world to experience these advanced products and progress collectively.
BYD’s biggest asset
Wang credited BYD’s success to its extensive engineering workforce. “We have 110,000 engineers, which is BYD’s biggest asset,” he said.
He also highlighted that each of the company’s technological advancements stems from a commitment to innovation and sustainable development.
Rapid rise
Founded in 1995 with just 20 employees, BYD has grown into one of China’s largest automotive companies, employing over 900,000 people.
Initially a battery manufacturer, BYD entered the automotive industry in 2003. The company has since spearheaded China’s electrification drive, becoming the world’s largest NEV manufacturer.
In March 2022, BYD ceased production of petrol-only vehicles, focusing entirely on battery electric (BEV) and plug-in hybrid electric (PHEV) models. The company reached a milestone in May 2021 with its one-millionth NEV and surpassed 10 million units in November 2024.
Record-breaking sales in 2024
BYD set a new sales record in 2024, delivering 4,272,145 NEVs - an increase of 41.26% from 2023. Overseas sales saw even stronger growth, rising 71.86% to 417,204 units. These figures highlight BYD’s accelerating global expansion as demand for electrified transport surges worldwide.
As China’s NEV sector continues to lead, Wang’s call for global openness signals BYD’s intent to push its technology beyond domestic borders, challenging established automakers worldwide.
Closer to home, BYD's Shark 6 ute has been making waves in the local ute segment for its pioneering plug-in hybrid (PHEV) technology combined with power and luxury. Read all about it in our first drive review.