BYD chairman and president Wang Chuanfu met with Apple's CEO Tim Cook, who is visiting Shanghai, at Apple's China headquarters today, according to local media.
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BYD's chairman predicted a month ago that China's monthly NEV penetration rate would exceed 50 percent within this year, and now he expects that figure to be seen within the next three months.
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BYD is China's largest NEV maker, capturing 35 percent of the country's NEV market in 2023.
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At the current rate of consumption, coal will only last for 200 more years and oil for 50 more years, said BYD chairman Wang Chuanfu.
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Wang believes that the NEV change is a technological revolution, and only companies with core technologies will survive.
BYD is confident of gaining a higher market share in the next 3-5 years, said Wang Chuanfu, chairman and president of the Chinese new energy vehicle (NEV) giant, at its 2022 annual shareholders meeting today.
Commenting on the price war in China's auto industry, Wang said BYD's scale, brand and technology advantages will help it outperform its peers in future competition.
From January to April, BYD retail sales in China rose 79.2 percent to 702,608 units, taking the No. 1 spot with an 11.9 percent share, according to a ranking released last month by the China Passenger Car Association (CPCA).
FAW-Volkswagen sold 509,774 units at retail during the period, up 1.4 percent year-on-year, and ranked second with an 8.6 percent share, according to the ranking.
BYD sold 240,220 NEVs in May, up 108.99 percent from 114,943 units in the same month last year, according to data it released on June 1. The CPCA is expected to release its May sales rankings in the coming days.
On March 29, Wang said BYD aims to become the largest automaker in China by the end of this year.
The NEV industry is poised for big changes in the next 3-5 years, and the pace of change is now accelerating, Wang said today, adding that this is expected to accelerate further in the future and could exceed expectations.
For BYD, the toughest period is over and it will have a strategic opportunity period, Wang said.
BYD will leverage its existing industrial chain advantages, cost advantages, technology advantages and product advantages to further optimize its brand image and lead China's NEVs to the world, he said.
BYD has been vigorously expanding its production capacity in various regions since last year, and has now basically solved the problem of imbalance between supply and demand, Wang said.
The company's current production capacity and output of components can meet future market demand, he said, adding that BYD has made arrangements to meet the growing demand in overseas markets.
Wang believes that the NEV change is a technological revolution, and only companies with core technologies will survive.
If a company simply assembles, the probability of surviving is small, he said.
Companies that survive will also have a good strategic direction, because the industry's opportunity window is only 3-5 years, and the choice of models and technology lines is important, according to Wang.
He highlighted the importance of quick decision-making mechanisms, saying that auto companies tend to be large and have long decision-making mechanisms, but the NEV market is like a battlefield, requiring quick decisions.
Wang also mentioned his views on smart driving, saying that in the absence of changes in laws and regulations, smart driving technology is likely to be only an assist and difficult to commercialize.
In fully autonomous driving, any one safety accident will expose car companies to great responsibility and may drag down the sales of the whole model, he said.
Full CPCA rankings: Top-selling models and automakers in China in Apr
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Based on January-February retail sales, BYD is already the largest automaker in China with an 11.8 percent share. | BYDDY.US | BYD HK
BYD's new energy vehicle (NEV) sales are expected to maintain strong growth in the first quarter, despite the overall weak performance of China's passenger vehicle market.
In January and February, year-on-year growth in Chinese vehicle demand was slightly weaker, but BYD still maintained strong growth, the company's chairman and president, Wang Chuanfu, said at a conference today.
BYD's sales in January and February were much higher than a year ago, and in a few days, March figures will be released, and first-quarter sales are still expected to grow by more than 80 percent from a year ago, Wang said.
BYD yesterday announced its full-year 2022 and four-quarter results, showing a more than 10-fold year-on-year increase in net profit in the fourth quarter. The company held an investor meeting today that was not public, but the main points are being covered by local media.
BYD sold 151,341 and 193,655 NEVs in January and February, respectively, for a two-month total of 344,996 vehicles, up 90 percent year-on-year, according to data monitored by CnEVPost.
The company sold 286,329 vehicles in the first quarter of last year, and the more than 80 percent increase would mean sales of more than 515,400 vehicles in the first quarter, or more than 170,000 vehicles in March.
Wang also mentioned that BYD aims to be the largest automaker in China by the end of this year.
It is worth noting that BYD is already the largest automaker in China based on January-February sales.
BYD's retail sales of 316,417 units in January-February were the highest of all car companies in China, with an 11.8 percent share, according to a list published earlier this month by the China Passenger Car Association (CPCA).
FAW-Volkswagen was second with 221,946 retail sales in January-February, with an 8.3 percent share, and Changan Automobile was third with 209,825 units, or 7.8 percent share.
Wang, referring to the recent price war in China's auto industry, said today that the reason behind this is that supply is outstripping demand and some car companies will be phased out while others will gain greater market share.
China's home appliance and mobile phone industries have been through this, and the NEV industry will be no exception, he said.
If the supply in the auto industry is still greater than the demand, the price war will continue, he said.
The price war has had a certain psychological impact on consumers, but these effects are expected to be reduced by the end of April and market confidence will gradually return as several local auto shows take place in May, according to Wang.
He also mentioned that BYD has no plans to enter the US passenger car market for the time being.
BYD's Q4 net profit up over 10 times year-on-year to $1.06 billion
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