Explore the latest developments concerning China’s BYD aims.
China’s BYD aims to be world’s biggest car firm within five years
EV maker aims to overtake Toyota, as it plans to spend £1.8bn to build five-minute flash chargers in Europe
The Chinese car company BYD has said it aims to be the worldâs biggest automaker within the next five years.
Targeting Toyotaâs long-held top spot, BYDâs founder and chair, Wang Chuanfu said he was confident it could overtake global rivals through rapid advances in battery technology and fast charging, as well as growing production overseas, including Europe.
âBYD will truly become the number one automaker globally in terms of âscale in five years,â he said at the companyâs annual shareholder meeting in Shenzhen.
BYD outsold Ford, and now it thinks it can catch Toyota as the world’s No. 1 automaker
BYD is already the world’s largest EV maker, but the company’s CEO is confident it will become the world’s leading global automaker within the next five years.
After it stopped making cars powered solely by internal combustion engines (ICE) in 2022 to focus on battery electric (EV) and plug-in hybrid (PHEV) vehicles, BYD’s big bet has paid off so far.
With over 4.6 million new energy vehicles (NEVs) sold last year, which includes EVs and PHEVs, BYD surpassed Ford for the first time, ranking as the sixth largest global automaker.
According to BYD’s CEO, Wang Chuanfu, the Chinese EV giant is just getting started with new battery and charging tech set to drive growth over the next few years.
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