Key facts
- BYD Chairman Wang Chuanfu expressed confidence that the company will become the world's largest automaker in five years.
- He cited strong export growth and technological advancements, particularly in battery technology, as key to achieving this goal.
- The company's domestic sales have faced intensified competition, leading to a decline in overall deliveries.
- BYD shares experienced a significant drop, falling over 45% from their peak in Hong Kong over the past year.
- The ramp-up of BYD's second-generation Blade Battery was identified as a critical growth bottleneck for the current year.
BYD Chairman Wang Chuanfu expressed ambitious goals for the Chinese automaker, stating his expectation that the company will become the world's largest by sales volume within five years. This declaration comes amidst a significant decline in BYD's share price and increased competition in its domestic market.
Speaking at the company's annual shareholder meeting, Wang aimed to reassure investors by highlighting BYD's strong export performance, which grew 65% year-on-year from January to May, with Brazil, Britain, and Australia as key markets. He also pointed to technological advancements, particularly in battery and fast-charging technologies, as crucial drivers for future growth both domestically and internationally. A key bottleneck identified for this year's growth is the ramp-up of its second-generation Blade Battery.
Despite these forward-looking statements, BYD's overall vehicle deliveries fell more than 20% during the same January-to-May period, reflecting challenges in its home market. The company's shares have seen a substantial drop, with its Hong Kong-listed stock down over 45% from its peak in the past year, and its Shenzhen stock down 33%. On Wednesday morning, BYD shares in Hong Kong and Shenzhen fell further by 4.3% and 1.6% respectively.
To achieve its goal of becoming the No. 1 automaker, BYD would need to surpass Toyota Motor, which sold more than double the number of vehicles in 2025. Toyota has experienced erosion in its overseas market share in regions like Southeast Asia and the Middle East, areas where Chinese automakers, including BYD, have seen significant growth.