Wang Chuanfu, Chairman of BYD Co., China’s largest auto company, declared that Western countries are apprehensive about Chinese electric vehicles (EVs). Wang attributed this wariness to the growing strength of China’s automotive industry.
“The reaction by politicians in other countries shows they are afraid of Chinese EVs,” Wang stated, highlighting the competitive edge China has achieved in the global EV market. “If you are not strong enough, they will not be afraid of you,” he added, underscoring China’s rising influence in the automotive sector.
The European Union is expected to announce tariffs targeting Chinese EVs soon, following an investigation into Beijing’s subsidies for EVs. This move is likely to impact the flow of Chinese imports into Europe, where brands like MG Motors and BYD accounted for nearly 9% of battery-electric vehicle sales last year, with projections to reach 20% by 2027.
BYD has significantly ramped up its EV production, ceasing combustion engine vehicle production in 2022 and achieving sales of 3 million electric and hybrid vehicles by 2023. This milestone propelled BYD into the top 10 global automakers by sales volume.
During his speech, Wang urged the industry to embrace competition amid the shift towards electric mobility. BYD has initiated a price war in China by reducing the costs of its EVs and plug-in hybrids, targeting established automakers like Toyota and Volkswagen with its cost-effective electric alternatives.
Wang emphasized the inevitability of electric and hybrid vehicles overtaking traditional engines, calling it an unstoppable trend. His remarks reflect BYD’s aggressive stance in the global EV market and its commitment to driving the transition to electric mobility.
For further insights into the evolving dynamics of the global EV market and BYD’s strategic moves, read more on Bloomberg.
