SHANGHAI, June 10 - Wang Chuanfu, chairman of BYD, told nearly 1,000 shareholders at the automaker's annual meeting in Shenzhen that he expects the company to be the world’s largest carmaker in five years, as he sought to reassure investors following a pronounced decline in the company's share price.
BYD ranked sixth globally in 2025, selling 4.6 million vehicles, but has struggled to regain growth after a slowdown at home amid intensified competition with local peers over the past year. Shares have tumbled from their highs - falling more than 45% from the Hong Kong peak over the past year and down 33% on the Shenzhen listing.
At the shareholder meeting held at BYD’s Shenzhen headquarters, Wang emphasized the need to accelerate production of the company’s second-generation Blade Battery, which he identified as this year’s principal growth bottleneck, according to the state-owned Shanghai Securities News. That account was confirmed by an attendee at the meeting.
"BYD will truly become the No. 1 automaker globally in terms of scale in five years," Wang said, pointing to the company’s robust export performance and technological improvements, including advancements in battery and fast-charging technologies, as the levers he expects to drive expansion both domestically and internationally.
BYD later confirmed that Wang had expressed his aim for the company to reach the No. 1 position worldwide, but did not provide additional comment on other aspects of the meeting when approached for further details.
Reaching that ambition would require BYD to surpass Toyota Motor, which sold more than twice as many vehicles as BYD in 2025. Data cited from the China Passenger Car Association indicates Toyota has seen its overseas market share decline in markets such as Southeast Asia and the Middle East, regions where Chinese automakers have recorded notable growth this year.
BYD’s exports between January and May rose 65% year-on-year, with Brazil, Britain and Australia listed as its largest export markets in that period, supported by relatively low trade barriers. However, this export strength did not fully counteract a weaker domestic showing - overall deliveries during the same January to May span fell by more than 20%.
Market reaction to the company’s recent updates and the chairman’s remarks was negative on Wednesday morning, with BYD shares in Hong Kong down 4.3% and the Shenzhen-listed stock falling 1.6%.
Context and implications
Wang’s remarks focused on two interlinked themes: closing capacity constraints in a core battery technology and leveraging export momentum alongside product and charging technology improvements. The emphasis on the second-generation Blade Battery as a present bottleneck signals management’s view that production scale for that cell chemistry is a gating factor for near-term growth.
Export expansion has been a clear contributor to BYD’s volume growth abroad, with triple-digit percentage gains year-on-year noted for the early part of the year. Still, the domestic market decline in deliveries highlights the challenge of offsetting slower domestic demand with international sales.
Key points
- BYD chairman Wang Chuanfu said the firm aims to be the world's largest automaker by scale within five years, citing exports and tech advances as drivers.
- The company faces a near-term production constraint in its second-generation Blade Battery, identified as the key growth bottleneck this year.
- Financial markets have reacted negatively to recent developments - BYD shares are down sharply from their recent peaks and fell further on Wednesday morning.
Risks and uncertainties
- Production bottleneck in the second-generation Blade Battery - this may limit BYD’s ability to scale output quickly and affects the automotive and battery sectors.
- Weaker domestic deliveries - domestic market softness could continue to pressure near-term sales and revenues in China, impacting auto equities and supply-chain participants.
- Heavy reliance on export growth to offset domestic weakness - if export momentum slows, the company may struggle to maintain overall delivery volumes, affecting international distribution and trade-exposed suppliers.
Market indicators cited
- BYD global ranking in 2025: sixth, with 4.6 million vehicles sold.
- Export growth January-May: up 65% year-on-year; largest export markets noted as Brazil, Britain and Australia.
- Overall deliveries January-May: down more than 20% versus the prior year.
- Share moves: Hong Kong listing down over 45% from its peak in the past year and fell 4.3% on Wednesday morning; Shenzhen listing down 33% from its peak and fell 1.6% on Wednesday morning.