BYD has been forcefully expanding capacity since last year, China’s auto industry enters knockout stage – chairman

 

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Chinese automaker BYD Company has been forcefully expanding production capacity in various regions since last year, and has fundamentally solved the issue of supply and demand balance, said the Chairman Wang Chuanfu. 

BYD’s current production capacity and the output of various components can meet the future market demand and the company is fully prepared to meet the growing demand of overseas markets looking forward, he said.

China’s auto industry has entered a knockout stage and core technologies are a critical factor for a company in such a stage, said Wang. 

As NEV is a technology revolution, only those firms with strong core technologies could survive and companies that only do simple assembly will have very low survivability, he said

Wang added that it’s important to have a good strategic direction, including vehicle model and technology route selection, while also having a rapid decision-making mechanism.

With regard to the current price war in the industry, Wang said that BYD’s advantages in scale, brand and technology will help the company outperform its peers in the future competition, and he is confident that BYD will gain a higher market share in the next 3 – 5 years.