BYD Chairman Confident of Global Leadership by 2030 Despite Stock Market Undervaluation

BYD Chairman and President Wang Chuanfu has reaffirmed his confidence in the company's long-term growth strategy, stating that the automaker's current market valuation does not accurately reflect its true business potential. Speaking during the company's 2025 annual shareholders' meeting, Wang acknowledged investor concerns regarding the decline in share prices but emphasized that sustained technological innovation, disciplined execution, and strategic planning will enable the company to generate stronger returns for shareholders in the years ahead. He also reiterated his belief that BYD can become the world's largest automaker by scale by 2030.

During the meeting, Wang addressed the performance of the company's Hong Kong-listed shares, which declined significantly over the past year. While recognizing that investors remain focused on market capitalization trends, he argued that the broader market continues to acknowledge BYD's growth prospects despite short-term fluctuations in stock performance. Wang thanked shareholders for their continued support and encouraged them to maintain confidence in the company's long-term roadmap, stressing that future milestones and operational execution will ultimately create greater shareholder value.

The executive also reflected on the difficult conditions faced by the new energy vehicle industry earlier this year. According to Wang, demand in the domestic market was affected after purchases were accelerated ahead of the reduction in China's NEV purchase tax incentives that took effect in January 2026. This shift created significant pressure across the industry during the first quarter. However, he noted that market conditions have improved in recent months as rising global oil prices and new technology introductions have helped support a recovery in demand.

BYD's wholesale NEV deliveries reached 383,453 units in May, representing a modest increase compared with the same period last year. Although the growth rate was limited, the result marked an important turning point by ending the company's previous eight-month period of declining sales volumes. Wang stated that improving monthly sales trends observed during March and April continued into May, providing evidence that the business is moving beyond the earlier market slowdown.

The company attributes part of the recent sales volatility to a major production transition involving its battery operations. BYD is replacing its first-generation Blade Battery with a second-generation version that incorporates ultra-fast flash-charging capabilities. While the upgrade is expected to strengthen the competitiveness of future products, it has temporarily constrained production capacity and extended delivery timelines for some high-volume vehicle models.

BYD's Second-Generation Blade Battery Transition

Wang disclosed that production capacity for the new battery technology is currently increasing by approximately 20,000 to 30,000 units each month. As manufacturing output rises, the company expects cash flow, production efficiency, and sales performance to return to earlier levels by the end of the year. Management views the transition as a necessary investment that will support future growth and strengthen BYD's technological leadership in the electric vehicle sector.

International markets are becoming an increasingly important contributor to the company's growth trajectory. In May, overseas sales reached a record 160,644 units, representing an 80.40% year-on-year increase. Wang highlighted that Chinese automakers have made significant progress in product quality, technological capability, and customer experience, allowing them to compete more effectively in global markets. Based on current momentum, he indicated that the company's original overseas sales target for 2026 may be exceeded.

To support growing export demand, BYD is accelerating the development of its international manufacturing network. Production has already commenced at its facility in Thailand, while operations at the factory in Indonesia are approaching mass production. The company is also advancing construction and operational readiness at facilities in Brazil and Hungary, further strengthening its global manufacturing footprint and reducing dependence on any single market.

Alongside geographic expansion, BYD is focusing on improving profitability through a stronger presence in higher-value vehicle segments. The company plans to officially launch the Da Tang EV, a flagship D-segment SUV under its Dynasty lineup, on June 17. The model entered pre-sales with prices ranging from 250,000 yuan to 320,000 yuan and generated substantial customer interest, surpassing 100,000 orders within the first two weeks of availability.

Wang emphasized that long-term success in premium vehicle categories depends on technological excellence rather than marketing hype. He stated that automobiles remain safety-critical products and argued that sustained investment in engineering, quality, and innovation is essential for winning the trust of mid- and high-end consumers. This philosophy continues to shape the company's product development strategy as it seeks to strengthen its position across multiple vehicle segments.

Looking further ahead, BYD is preparing for the next phase of intelligent mobility. Wang expressed confidence that Level 3 and Level 4 autonomous driving technologies will reach commercial deployment sooner than many industry observers expect. To support future deployment and workforce readiness, the company has established training centers across Europe, South America, Southeast Asia, and the Middle East. These initiatives are intended to build capabilities that will support large-scale adoption of advanced autonomous technologies.

Combining domestic market recovery, record international sales, manufacturing expansion, next-generation battery technology, and investments in autonomous driving, Wang remains optimistic about BYD's long-term prospects. He believes these strategic initiatives will strengthen the company's competitiveness, enhance shareholder returns, and support its ambition to become the world's leading automaker by scale before the end of the decade.

Frequently Asked Questions

Why does Wang Chuanfu believe BYD is undervalued?
Wang Chuanfu believes BYD is undervalued because the company's stock price does not fully reflect its technological strengths, global growth opportunities, and long-term business potential. He stated that investors widely recognize BYD's future prospects, but market performance has not accurately captured the company's intrinsic value. Wang remains confident that continued innovation, expanding global operations, higher sales volumes, and successful execution of strategic initiatives will eventually translate into stronger financial performance and improved returns for shareholders.

What is driving BYD's overseas growth?
BYD's overseas growth is being driven by rising demand for its electric vehicles and expanding international manufacturing capabilities. The company recorded a significant increase in overseas sales and is strengthening its global presence through production facilities in Thailand, Indonesia, Brazil, and Hungary. These investments help improve supply chain efficiency and local market access. Combined with competitive vehicle technology, strong customer demand, and broader international expansion plans, BYD expects overseas markets to play a larger role in its future revenue growth.

How is the second-generation Blade Battery affecting BYD's operations?
The transition to the second-generation Blade Battery has temporarily created production constraints while manufacturing lines are upgraded. The new battery introduces ultra-fast flash-charging capabilities that are expected to enhance vehicle performance and competitiveness. During the transition period, some delivery schedules have been extended because of capacity limitations. However, BYD is steadily increasing production output and expects the new battery platform to support stronger sales, improved operational efficiency, and greater technological leadership once full-scale production is achieved.

What are BYD's ambitions for autonomous driving?
BYD expects advanced autonomous driving technologies to become commercially available sooner than many forecasts suggest. Wang Chuanfu indicated that Level 3 and Level 4 autonomous driving systems could be deployed ahead of schedule as technology development accelerates. To prepare for this shift, the company has established training centers across multiple international regions. These efforts aim to build expertise, support future implementation, and position BYD to benefit from the growing adoption of intelligent and autonomous vehicle technologies worldwide.