BYD Founder Wang Chuanfu Talks About Strength and Competition in the Electric Vehicle Industry

In a recent industry summit in Chongqing, China, Wang Chuanfu, the founder of BYD, made a bold statement: “If you’re not strong enough, they won’t be afraid of you.” This statement was in reference to the competitive products coming out of the Chinese industry that could potentially scare off Europe and the United States.

Chuanfu highlighted how politicians in other countries are already expressing concerns about Chinese electric vehicles, hinting at the tariffs that Europe may soon introduce on Chinese car imports. Despite these potential challenges, Chinese brands like MG and BYD are already making a significant impact in the European market, with electric vehicles accounting for nearly 9% of battery electric vehicles sold last year.

Analysts believe that Chinese brands are well-positioned to weather any potential tariffs, given their high profit margins. However, China has made it clear that it will not hesitate to respond with its own tariffs if necessary, escalating trade tensions further.

BYD, in particular, has seen rapid growth and is on track to produce and sell 3 million electric and plug-in hybrid vehicles by 2023, solidifying its position as one of the top ten carmakers globally. Chuanfu emphasized the need for the industry to embrace competition and transition towards electric vehicles, as he believes that electric and plug-in hybrids will soon surpass traditional engines.

With slogans like “Electricity is cheaper than oil,” BYD is leading the charge towards a more sustainable future. As the industry continues to evolve, it’s clear that strength and innovation will be key factors in determining success on the global stage.