China's BYD chairman sets five-year goal for global leadership

BYD chairman Wang Chuanfu said on Tuesday that he expects the Chinese company to become the world’s largest automaker within five years, as he moved to reassure investors following a sharp decline in the company’s share price, News.Az reports, citing Reuters.

BYD, which ranked sixth globally in 2025 with 4.6 million vehicles sold, has faced difficulties restoring growth after its domestic sales were affected by intensified competition with local rivals over the past year.

The company’s shares have fallen more than 45% from their peak in Hong Kong over the past year, while its Shenzhen-listed stock has dropped 33%.

Speaking at the company’s annual shareholder meeting at its Shenzhen headquarters, Wang addressed nearly 1,000 shareholders. He emphasized a focus on increasing production of its second-generation Blade Battery, which he described as this year’s key growth bottleneck, according to the state-owned Shanghai Securities News. The report was also confirmed by an attendee at the meeting.

“BYD will truly become the No. 1 automaker globally in terms of scale in five years,” Wang said, pointing to the company’s strong export performance and technological progress, including advances in battery technology and fast-charging systems, which he believes will support growth both domestically and internationally.

On Wednesday, BYD confirmed that Wang had said he wants the company to become the world’s No. 1 automaker, but it did not respond to additional questions from Reuters regarding other details discussed at the meeting.

To achieve this goal, the company would need to surpass Toyota Motor (7203.T), which sold more than twice as many vehicles as BYD in 2025. Toyota has seen its overseas market share decline in regions such as Southeast Asia and the Middle East, where Chinese automakers have recorded significant growth this year, according to data from the China Passenger Car Association.

BYD’s exports from January to May increased by 65% compared with a year earlier, with Brazil, Britain, and Australia ranking as its largest markets, supported by relatively low trade barriers.

However, this export growth did not offset weaker domestic performance, as total deliveries during the same period fell by more than 20%.

On Wednesday morning, BYD shares in Hong Kong and Shenzhen declined by 4.3% and 1.6%, respectively.

News.Az 

By Nijat Babayev