BYD Chairman Wang Chuanfu: Automotive Industry Has Entered the Elimination Stage

On June eighth, BYD held its annual shareholder assembly for the 12 months 2022. Wang Chuanfu, Chairman of BYD, acknowledged at the assembly that the automotive business has entered a section of elimination competitors and with out competitors there will likely be no prosperity, solely by way of competitors can there be survival of the fittest.

Wang Chuanfu stated that the key to successful in enterprise is to have core expertise. The transformation of recent power automobiles is a technological revolution, and solely corporations with core applied sciences can survive. If it’s simply easy meeting, the chance of survival may be very small. Secondly, there have to be a very good strategic path. The business alternative window interval is just 3-5 years, so selecting the proper automobile mannequin and expertise route is essential.

Additionally, there must be a quick decision-making mechanism. Automobile corporations are sometimes giant in measurement and have prolonged decision-making processes, however the new power automobile market is sort of a battlefield. In the later levels of the revolution, some automobile corporations might collapse and fast choices will likely be crucial.

Wang Chuanfu additionally acknowledged at the assembly that BYD has been vigorously increasing manufacturing capability in varied areas since final 12 months, and has principally solved the drawback of provide and demand stability. Currently, the firm’s manufacturing capability and output of assorted parts can meet future market demand. At the identical time, the firm is absolutely ready to satisfy the rising demand in abroad markets.

Regarding the present worth conflict in the business, Wang Chuanfu acknowledged that BYD’s benefits in scale, model and expertise will assist it outperform its friends in future competitors. BYD is assured of gaining the next market share in the subsequent 3-5 years.

SEE ALSO: BYD Chairman Wang Chuanfu Criticizes Autonomous Driving

On June 1st, BYD launched its manufacturing and gross sales report for May. The gross sales quantity of recent power automobiles in May was 240,200 items, a rise of 108.99% in comparison with the identical interval final 12 months when it was 114,900 items.

The cumulative gross sales quantity of recent power automobiles this 12 months is 1,002,600 items, a year-on-year enhance of 97.63%. Among them, the gross sales quantity of pure electrical passenger vehicles was 119,600 items in May, which is a progress charge of 124.19% in comparison with the identical interval final 12 months when it was at 53,300 items; and the cumulative gross sales quantity this 12 months is at 488,600 items with a YoY progress charge of 92.39%.

The gross sales quantity of plug-in hybrid passenger vehicles in May reached 119500 items, which elevated by 96.42% in comparison with final 12 months’s determine (60 thousand); and the cumulative gross sales quantity this 12 months has reached 507900 items with a YoY progress charge reaching up to102.8%.

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