BYD’s Wang Chuanfu The automotive industry has entered a race to eliminate those without core technology will survive

Wang Chuanfu from BYD says only companies with core technology will survive in the automotive industry

【PhoneAuto News】On June 8th, PhoneAuto noticed that BYD had already held its annual shareholder meeting for 2022. At this meeting, BYD Chairman Wang Chuanfu stated: the automotive industry has entered the stage of elimination competition. Without competition, there will be no prosperity. Only by competing can there be survival of the fittest.

Chairman Wang Chuanfu of BYD

Wang Chuanfu stated that winning in the industry first requires core technology. The new energy vehicle revolution is a technological revolution. Only companies with core technology in this field can survive. If it is only simple assembly, the probability of survival is very small. Secondly, it is necessary to have a good strategic direction. The industry opportunity window is only 3-5 years. The choice of vehicle models and technological routes is very important. In addition, there must be a rapid decision-making mechanism. Automotive companies often have a large scale and a lengthy decision-making mechanism, but the new energy vehicle market is like a battlefield. In the later stages of the revolution, some car companies will collapse, and rapid decision-making is needed at this time.

At the same time, regarding the price war currently taking place in the automotive market, Wang Chuanfu said that BYD’s scale advantage, brand advantage, and technological advantage will help BYD outperform its peers in future competition. BYD is confident that it will gain a higher market share in the next 3-5 years.

Currently, BYD has grown into one of the most powerful new energy vehicle manufacturers in China. According to survey data released by the market research firm Counterpoint Research, in the first quarter of 2023, global sales of passenger electric vehicles increased by 32% year-on-year. One out of every seven cars sold is an electric vehicle. Among them, BYD occupies approximately 21.10% of the market share, surpassing competitors such as Tesla, Volkswagen, and Geely, whose market share is 16.01%, 6.88%, and 5.86%, respectively.

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