Author | Yuan Fang Learn more about financial information | BT Finance Data Pass The article has a total of 4324 words with an estimated reading time of 9 minutes

"BYD achieved leapfrog development in 2024, and Wang Chuanfu, the visionary at the helm, deserves much of the credit."

In 2024, the global new energy vehicle market reached a fever pitch, with major automakers racing to electrify their offerings. Technological innovation and market expansion emerged as key themes. Amidst this competitive landscape, Wang Chuanfu, founder and CEO of BYD, firmly grasped the steering wheel, guiding BYD to not only break new ground in the Chinese domestic market but also secure a pivotal position in the global new energy industry.

BYD marked a new milestone in 2024, consistently setting new records in sales, technology, market layout, and brand influence. Competing head-to-head with Tesla and other global automakers, Wang Chuanfu's strategic vision and decision-making prowess secured valuable development opportunities for BYD, demonstrating the rise of Chinese enterprises in the global automotive industry.

A year ago, at the 2023 financial report investor communication meeting, Wang Chuanfu provided a detailed roadmap for BYD's 2024 strategy, predicting future competitive trends in the Chinese automotive market. He emphasized that 2024 would be the start of a fierce elimination race, and BYD would navigate this three-year period with its advantages in scale, cost, and technology.

Relying on Wang Chuanfu's precise judgment, BYD paved the way and ventured into the global market.

1

The Butterfly Effect of Precise Judgments

In 2024, BYD continued to lead the global new energy vehicle market, driven by robust sales, technological innovation, and internationalization strategies. Not only did BYD steadily advance in the domestic market, but it also achieved remarkable success in overseas markets.

According to BYD's 2024 annual report, global sales exceeded 3 million vehicles, with electric vehicles accounting for 80% and a year-on-year increase of 35%. This achievement positioned BYD as a global leader in new energy vehicle sales, surpassing domestic peers.

Behind this growth was Wang Chuanfu's keen understanding of market demand and BYD's innovative product layout, which he outlined in his speech at the beginning of the year. In the Chinese market, BYD successfully captured consumers' diverse needs for electric vehicles through a rich product line, continuous product performance improvements, and a comprehensive sales network.

In the international market, BYD witnessed robust growth, particularly in Europe and Southeast Asia. Sales in the European market approached 500,000 vehicles, a year-on-year increase of 45%. This success was attributed to Wang Chuanfu's accurate prediction of the external market environment and BYD's close cooperation with local governments and enterprises, along with its localized production layout in Europe. This strategic move underscored Wang Chuanfu's far-reaching global vision and further cemented BYD's position in the global electric vehicle industry.

In terms of technological innovation, BYD made significant breakthroughs in 2024, especially in solid-state battery research and development and autonomous driving technology. Solid-state batteries, a cornerstone of future electric vehicles, are crucial for enhancing range and safety. BYD achieved a 50% increase in energy density and addressed production cost and mass production challenges. Wang Chuanfu's early investment not only fueled BYD's technological innovation but also widened the gap between BYD and its competitors in battery technology.

Furthermore, BYD's autonomous driving initiatives progressed steadily. In 2024, BYD launched its first model equipped with L3 autonomous driving technology, which gained popularity in both the Chinese and overseas markets. Wang Chuanfu recognizes that future automotive competition extends beyond power systems and range, encompassing intelligence and autonomous driving, which will be key to determining market share.

Beyond continuous innovation in electric vehicles and battery technology, Wang Chuanfu led BYD to actively expand its business boundaries in 2024, promoting the company's layout in energy storage, intelligent connected vehicles, and battery recycling. In energy storage, BYD completed the acquisition of a large energy storage company in 2024, laying a solid foundation for BYD's global energy transition and battery recycling efforts. This move not only bolstered BYD's comprehensive competitiveness but also contributed to the development of global green energy.

Moreover, BYD accelerated its intelligent connected vehicle initiatives. In collaboration with leading global technology companies, BYD released an intelligent cockpit system and launched a series of intelligent models in 2024. These models not only represented technological innovation but also significantly enhanced consumers' awareness and reputation of the BYD brand.

2

Driving Industry Change

In 2024, Wang Chuanfu not only propelled BYD's growth through actions but also garnered widespread attention and discussion with his public statements and viewpoints within and beyond the new energy vehicle industry. As a pioneer in China's new energy vehicle industry, Wang Chuanfu's thoughts on the future influenced not only BYD's strategies but also the development direction of the entire industry.

Throughout 2024, Wang Chuanfu shared his insights on the new energy vehicle industry's future, particularly his in-depth understanding of energy transition and electric vehicle popularization. He emphasized, "The global energy transition is irreversible, and new energy vehicles will become the mainstream. This is not merely an environmental issue but also a significant driver of future economic growth." This perspective reflects his accurate prediction of future market trends and aligns with global energy transformation economic theory.

Drawing from Keynesian economics, governments should promote industrial structure optimization and upgrading through macroeconomic policies. The rise of the new energy industry embodies this theory in practice. Wang Chuanfu believes that the new energy vehicle industry will be a significant engine for China's economic growth, evidenced by BYD's continuous growth and increased global market share.

In 2024, Wang Chuanfu also highlighted the importance of solid-state batteries and intelligent technology. He stated, "Technological innovation is the core competitiveness of industry development. Breakthroughs in solid-state batteries can not only enhance electric vehicle performance but also support the global energy transition." He views the popularization of solid-state batteries as a "disruptive technology" in the electric vehicle field, a widely recognized viewpoint among industry experts and a hot topic in 2024's new energy vehicle technology development.

As BYD expanded in the global market, Wang Chuanfu frequently emphasized China's leading position in the global new energy vehicle supply chain. He noted, "China's new energy vehicle industry has transformed from a follower to a leader. We possess a complete industrial chain and strong technological innovation capabilities." This viewpoint underscores BYD's evolving position in the global market and the rise of China's new energy vehicle industry in the global landscape.

According to the theory of comparative advantage, countries and enterprises should leverage their technological, cost, or resource advantages to occupy a favorable position in the global industrial chain. China's strengths in battery production, automobile manufacturing, and new energy vehicle technology research and development enable BYD to compete effectively in the global new energy vehicle market. Wang Chuanfu emphasized China's growing influence in the industry and predicted that BYD's position in the global electric vehicle market will become more solid in the future.

Beyond domestic insights, Wang Chuanfu shared his profound understanding of the global new energy vehicle market's competitive landscape at multiple international conferences. He stressed, "The acceleration of the global electrification process has intensified international market competition. In the future, only technological innovation and internationalization strategies will enable one to stand out." This viewpoint directly addresses the challenges posed by international automakers like Tesla and outlines BYD's upcoming internationalization strategy.

Wang Chuanfu specifically mentioned strengthening cooperation with global technology enterprises, promoting intelligent connected technology development, and accelerating global market expansion through diversified partnerships. This strategy is pivotal for BYD to navigate fierce international market competition.

3

Navigating Challenges in 2024

Under Wang Chuanfu's leadership, BYD demonstrated robust growth momentum and market expansion capabilities in 2024. However, this growth was accompanied by numerous challenges, including market competition, technological hurdles, and global economic uncertainties. In this complex environment, how BYD could achieve breakthroughs and successfully address challenges became the industry's focus.

Beyond financial data growth, BYD's brand influence significantly improved in 2024. In the domestic market, BYD expanded its share in the mid-to-high-end electric vehicle segment, launching multiple high-performance models such as the Han EV, Tang EV, and Song Pro. These models not only raised consumer awareness of the BYD brand but also boosted its competitiveness in the high-end market.

In the international market, BYD's brand influence gradually extended to Europe, Southeast Asia, and Latin America. In 2024, BYD sold 500,000 vehicles in Europe, accounting for about 10% of the European electric vehicle market, making it the second-largest electric vehicle manufacturer after Tesla. With strong product performance and price advantages, BYD's sales in Southeast Asia also surged, particularly in Thailand and Malaysia, where it became the market leader.

Wang Chuanfu consistently emphasizes that "independent innovation" is the core of BYD's success. BYD's continuous innovation in technology, brand, and market in 2024 solidified its position in the global electric vehicle market.

However, BYD's rapid development was not without challenges. As competition in the global new energy vehicle market intensified, particularly with Tesla's continuous innovation and low-price strategies, BYD faced increasing market competition pressure. In 2024, Tesla launched the new generation of Model 3 and Model Y, whose performance and pricing further compressed BYD's market space, especially in the high-end segment in the European market.

Moreover, global economic uncertainties, particularly chip shortages and rising raw material prices, posed considerable pressure on BYD's supply chain. In 2024, BYD had to adjust production plans and optimize supply chain management to ensure stable global supply.

Against this backdrop, Wang Chuanfu proposed that BYD must increase investment in core technology research and development while enhancing production efficiency and supply chain flexibility to cope with external market fluctuations. He emphasized, "Only through continuous innovation and deep cultivation of core technologies can we solidify our position in fierce market competition."

Faced with challenges, Wang Chuanfu maintained a calm and forward-looking mindset, outlining BYD's future development direction: diversification and internationalization. In 2024, BYD accelerated its layout in intelligent connected vehicles, battery recycling, energy storage systems, and other fields, extending the company's reach upstream and downstream in the new energy industry chain.

In energy storage systems, BYD completed the acquisition of a leading global energy storage company in 2024, further consolidating its core position in the energy transition. Additionally, BYD increased investment in autonomous driving technology research and development, launched electric vehicles with L3 autonomous driving, and plans to introduce more intelligent products in the future to enhance consumers' driving experience.

In terms of internationalization, BYD intensified its market layout in Europe, Southeast Asia, and other regions. By establishing overseas factories, partnering with local companies, and enhancing localized production, BYD's internationalization process made significant progress in 2024. Especially in the European market, BYD obtained favorable policy support through cooperation with local governments and enterprises, steadily increasing its global market share.

In 2024, Wang Chuanfu not only propelled BYD to outstanding achievements in the global new energy vehicle market but also left an indelible mark on the evolutionary trajectory of the automotive industry and the global new energy sector through his exceptional strategic acumen and leadership. From pioneering technological advancements to orchestrating a comprehensive global presence, Wang Chuanfu's strategic directives not only fueled BYD's relentless growth but also imparted fresh impetus to the global new energy vehicle industry.

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