Smart and Sustainable Electric Mobility
BYD chairman and president Wang Chuanfu met with Apple's CEO Tim Cook, who is visiting Shanghai, at Apple's China headquarters today, according to local media.
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BYD's chairman predicted a month ago that China's monthly NEV penetration rate would exceed 50 percent within this year, and now he expects that figure to be seen within the next three months.
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BYD is China's largest NEV maker, capturing 35 percent of the country's NEV market in 2023.
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At the current rate of consumption, coal will only last for 200 more years and oil for 50 more years, said BYD chairman Wang Chuanfu.
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Wang believes that the NEV change is a technological revolution, and only companies with core technologies will survive.
BYD is confident of gaining a higher market share in the next 3-5 years, said Wang Chuanfu, chairman and president of the Chinese new energy vehicle (NEV) giant, at its 2022 annual shareholders meeting today.
Commenting on the price war in China's auto industry, Wang said BYD's scale, brand and technology advantages will help it outperform its peers in future competition.
From January to April, BYD retail sales in China rose 79.2 percent to 702,608 units, taking the No. 1 spot with an 11.9 percent share, according to a ranking released last month by the China Passenger Car Association (CPCA).
FAW-Volkswagen sold 509,774 units at retail during the period, up 1.4 percent year-on-year, and ranked second with an 8.6 percent share, according to the ranking.
BYD sold 240,220 NEVs in May, up 108.99 percent from 114,943 units in the same month last year, according to data it released on June 1. The CPCA is expected to release its May sales rankings in the coming days.
On March 29, Wang said BYD aims to become the largest automaker in China by the end of this year.
The NEV industry is poised for big changes in the next 3-5 years, and the pace of change is now accelerating, Wang said today, adding that this is expected to accelerate further in the future and could exceed expectations.
For BYD, the toughest period is over and it will have a strategic opportunity period, Wang said.
BYD will leverage its existing industrial chain advantages, cost advantages, technology advantages and product advantages to further optimize its brand image and lead China's NEVs to the world, he said.
BYD has been vigorously expanding its production capacity in various regions since last year, and has now basically solved the problem of imbalance between supply and demand, Wang said.
The company's current production capacity and output of components can meet future market demand, he said, adding that BYD has made arrangements to meet the growing demand in overseas markets.
Wang believes that the NEV change is a technological revolution, and only companies with core technologies will survive.
If a company simply assembles, the probability of surviving is small, he said.
Companies that survive will also have a good strategic direction, because the industry's opportunity window is only 3-5 years, and the choice of models and technology lines is important, according to Wang.
He highlighted the importance of quick decision-making mechanisms, saying that auto companies tend to be large and have long decision-making mechanisms, but the NEV market is like a battlefield, requiring quick decisions.
Wang also mentioned his views on smart driving, saying that in the absence of changes in laws and regulations, smart driving technology is likely to be only an assist and difficult to commercialize.
In fully autonomous driving, any one safety accident will expose car companies to great responsibility and may drag down the sales of the whole model, he said.
Full CPCA rankings: Top-selling models and automakers in China in Apr
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The world economy is currently in a difficult period of complexity and change, and dealing with risks and challenges requires firm confidence and stable expectations, Wang said. | BYDDY.US | BYD HK
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China's purchase tax exemption for new energy vehicles (NEVs) expired at the end of last year and has been extended until the end of this year. Now, calls are starting to emerge for the policy to be renewed.
Wang Chuanfu, chairman and president of BYD (OTCMKTS: BYDDY), suggested in an April 1 speech at the China EV 100 Forum that China should extend the NEV purchase tax exemption to 2025, hoping the move would be fast-tracked to stabilize expectations, according to a video replay seen by CnEVPost.
Before 2023, China's policies to support the NEV industry include purchase subsidies as well as exemptions from purchase taxes.
NEV purchase subsidies have been reduced each year over the past several years on a set schedule and were completely withdrawn when they expire at the end of 2022.
The NEV purchase tax exemption originally expired at the end of 2017, but was renewed until the end of 2020 before it expired, and in March 2020, China renewed the policy until the end of 2022. Last year, the policy was renewed again until the end of 2023.
The world economy is currently in a difficult period of complexity and change, and dealing with risks and challenges requires firm confidence and stable expectations, Wang said, adding that many overseas countries are increasing their fiscal support for NEVs.
China's purchase subsidies for NEVs were withdrawn at the end of last year, and the exemption of NEV purchase tax has been clarified to continue until the end of this year, Wang noted.
Considering the long development cycle of NEVs, from product development and design to cost management, long-term arrangements need to be made, so he hopes the NEV purchase tax exemption policy will be extended, according to Wang's speech.
In addition to Wang, Meng Xia, head of sales for Volkswagen China, also suggested at the China EV 100 Forum event that China should extend the purchase tax exemption for NEVs beyond 2023 and develop a relatively stable policy framework.
It is worth noting that with the rapid growth of NEV penetration, the continued extension of the purchase tax exemption for such vehicles would mean a bigger loss in government tax revenue.
For the full year 2022, retail sales of new energy passenger vehicles in China were 5.67 million units, up 90 percent year-on-year and accounting for 27.6 percent of all new passenger vehicle sales, according to data released by the China Passenger Car Association (CPCA) in January.
In February, retail sales of new energy passenger vehicles in China were 439,000 units, up 61 percent year-on-year, contributing 31.6 percent of all passenger vehicle sales.
In the future, as the ownership of conventional internal combustion engine vehicles shrinks dramatically, the shortfall in national tax revenue will need to be filled by a tax system for electric vehicles, the CPCA said in a report released on August 9, 2022.
Taxing electric vehicles at the point of purchase and use and even at the point of retirement is a definite trend, the CPCA said at the time.
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Based on January-February retail sales, BYD is already the largest automaker in China with an 11.8 percent share. | BYDDY.US | BYD HK
BYD's new energy vehicle (NEV) sales are expected to maintain strong growth in the first quarter, despite the overall weak performance of China's passenger vehicle market.
In January and February, year-on-year growth in Chinese vehicle demand was slightly weaker, but BYD still maintained strong growth, the company's chairman and president, Wang Chuanfu, said at a conference today.
BYD's sales in January and February were much higher than a year ago, and in a few days, March figures will be released, and first-quarter sales are still expected to grow by more than 80 percent from a year ago, Wang said.
BYD yesterday announced its full-year 2022 and four-quarter results, showing a more than 10-fold year-on-year increase in net profit in the fourth quarter. The company held an investor meeting today that was not public, but the main points are being covered by local media.
BYD sold 151,341 and 193,655 NEVs in January and February, respectively, for a two-month total of 344,996 vehicles, up 90 percent year-on-year, according to data monitored by CnEVPost.
The company sold 286,329 vehicles in the first quarter of last year, and the more than 80 percent increase would mean sales of more than 515,400 vehicles in the first quarter, or more than 170,000 vehicles in March.
Wang also mentioned that BYD aims to be the largest automaker in China by the end of this year.
It is worth noting that BYD is already the largest automaker in China based on January-February sales.
BYD's retail sales of 316,417 units in January-February were the highest of all car companies in China, with an 11.8 percent share, according to a list published earlier this month by the China Passenger Car Association (CPCA).
FAW-Volkswagen was second with 221,946 retail sales in January-February, with an 8.3 percent share, and Changan Automobile was third with 209,825 units, or 7.8 percent share.
Wang, referring to the recent price war in China's auto industry, said today that the reason behind this is that supply is outstripping demand and some car companies will be phased out while others will gain greater market share.
China's home appliance and mobile phone industries have been through this, and the NEV industry will be no exception, he said.
If the supply in the auto industry is still greater than the demand, the price war will continue, he said.
The price war has had a certain psychological impact on consumers, but these effects are expected to be reduced by the end of April and market confidence will gradually return as several local auto shows take place in May, according to Wang.
He also mentioned that BYD has no plans to enter the US passenger car market for the time being.
BYD's Q4 net profit up over 10 times year-on-year to $1.06 billion
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