BYD’s Wang vows to be top automaker in five years

BYD Chairman Wang Chuanfu addressed nearly 1,000 shareholders at the company’s annual meeting at its Shenzhen headquarters on Tuesday, pledging that BYD will become the world’s top automaker by sales within five years and citing increased battery output as a key priority.

Wang sought to reassure investors after a year of steep share declines. Hong Kong‑listed stock has fallen more than 45% from its peak over the past year, while Shenzhen‑listed shares are down about 33% over the same period. On the morning after the meeting, Hong Kong shares slid 4.3% and Shenzhen shares fell 1.6%.

Company figures show weak demand at home. Vehicle deliveries from January through May dropped more than 20% year‑on‑year, and BYD recorded its eighth consecutive month of falling sales, the longest stretch on record for the automaker. The company reported 300,222 vehicles sold in the most recent month, a 20.5% decline from a year earlier.

Exports have risen while domestic sales have softened. BYD reported exports from January to May increased about 65% compared with the same period a year earlier. Overseas sales rebounded in April, up 35% year‑on‑year to 130,000 units after a decline in March. Brazil, Britain and Australia were cited as among BYD’s largest export markets.

On global market share, BYD ranked sixth in 2025 with roughly 4.6 million vehicles sold. The market leader in that year sold more than twice BYD’s volume.

Wang identified limited output of the company’s second‑generation Blade Battery as the main production bottleneck this year and said raising its output would support the company’s sales target. He highlighted battery improvements and faster charging as factors for future growth. At the meeting, Wang told shareholders, “BYD will truly become the No. 1 automaker globally in terms of scale in five years.”

BYD confirmed the chairman had set the five‑year ambition but did not release a detailed action plan or timeline beyond that sales goal. Analysts and investors will monitor whether higher export volumes and battery production increases lead to a recovery in domestic sales and share performance.