Wang Chuanfu, chairman of BYD Co., China’s leading auto manufacturer, delivered a pointed critique at a recent industry summit in Chongqing, accusing European and US policymakers of harboring fears over Chinese electric vehicles (EVs). The 58-year-old billionaire highlighted this apprehension as a testament to China’s growing dominance in the global automotive sector.
“If you are not strong enough, they will not be afraid of you,” Wang asserted, underscoring the competitive edge of China’s car industry. His remarks come amidst escalating trade tensions, with the European Union poised to announce tariffs targeting Chinese EVs in response to allegations of unfair subsidies by Beijing.
Chinese brands such as MG Motors and BYD Co. have made significant strides in the European market, capturing nearly 9% of battery-only vehicle sales last year—a figure expected to rise to 20% by 2027, according to Transport & Environment. BYD, in particular, ceased combustion engine production in 2022 and has since emerged as a major player in electric and hybrid vehicles, selling 3 million units by 2023 and ranking among the top 10 global automakers by sales.
Wang’s speech also emphasized the inevitability of electric and hybrid vehicles eclipsing traditional combustion engines. He urged the industry to embrace heightened competition, highlighting BYD’s recent aggressive pricing strategy in China, aimed at undercutting established automakers like Toyota and Volkswagen.
As global markets navigate the shift towards sustainable transportation, Wang reaffirmed that the momentum towards electric vehicles is unstoppable. His remarks underscore the strategic importance of China in shaping the future of automotive technology and market dynamics.
For further insights into Wang Chuanfu’s perspectives on Chinese EVs and global industry trends, read more on Bloomberg.