Chinese electric vehicle manufacturers are three to five years ahead of global rivals in product development, technology, and industrial supply chains, BYD Chief Executive Wang Chuanfu said in an interview with state broadcaster CCTV.
Wang’s comments followed his participation in a symposium with Chinese President Xi Jinping and leading figures in the country’s technology sector. His remarks come as China, which overtook Japan in 2023 as the world’s largest auto exporter, faces growing trade restrictions, including a 17.0% tariff on BYD’s EVs imposed by the European Union.
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“Protectionism does not work for good products,” Wang told Yuyuan Tantian, a social media account affiliated with CCTV. He added that consumer demand is driving the company’s growth and helping it “overcome various difficulties.”
BYD reported strong sales growth in 2024, with total new energy vehicle (NEV) sales reaching 4,272,145 units, a 41.26% increase from the previous year. The company sold 1,764,992 battery electric vehicles (BEVs), up 12.08% year-on-year, while plug-in hybrid electric vehicle (PHEV) sales surged 72.83% to 2,485,378 units. Commercial NEV sales rose 89.17% to 21,775 units.
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International expansion played a key role in BYD’s performance, with overseas sales rising 71.86% year-on-year to 417,204 units. The company’s installed capacity for power and energy storage batteries also increased by 29.02% to 194.705 GWh in 2024.
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