A Yangwang U7 on display at the Beijing Auto Show in April 2026. Credit: CnEVPost
- Wang said BYD will deliver better returns to shareholders through forward-looking planning and seizing key milestones.
- He expects BYD to become the true global number one in scale by 2030.
Wang Chuanfu, chairman and president of BYD (HKEX: 1211), said the Chinese new energy vehicle (NEV) maker’s stock is undervalued by the market and urged investors to remain patient.
Wang made the remarks at the 2025 annual shareholders’ meeting held on Tuesday. Over the past year, BYD’s Hong Kong-traded shares have experienced a significant slump, falling 33% from HK$132.2 to HK$88.40 per share.
He pledged to boost company performance through continuous technological innovation and expects the company to become the world’s largest automaker by scale in 2030.
Addressing investor concerns about the shrinking market capitalization, Wang said that while the market widely recognizes BYD’s growth potential, the current stock performance fails to accurately reflect the company’s true value.
“On behalf of the management, I understand and appreciate your support,” Wang told the investors attending the meeting.
He urged shareholders to maintain patience, expressing firm belief that with scientific, forward-looking planning and precise execution at key milestones, the company will definitely deliver better returns to shareholders.
The Shenzhen-based automaker went through a difficult period earlier this year.
Wang admitted that domestic market demand was overdrawn late last year due to the halving of China’s NEV purchase tax incentives starting in January 2026. This led the NEV industry to experience its “darkest moment” in the first quarter of this year.
However, the worst appears to be over. Driven by rising global oil prices and the iteration of new technologies, BYD’s sales began to rebound month by month in March and April.
In May, the company’s wholesale NEV deliveries reached 383,453 units, edging up 0.26% from a year earlier.
This slight but crucial growth officially ended BYD’s previous eight-month streak of declining sales.
Wang attributed the recent sales fluctuations to a comprehensive overhaul of production lines. The company is transitioning from its first-generation Blade Battery to the second-generation product featuring ultra-fast flash charging capabilities.
This technological upgrade has caused short-term capacity bottlenecks, extending the delivery cycles for several mainstream models. However, Wang revealed that the production capacity of the second-generation Blade Battery is currently ramping up by 20,000 to 30,000 units per month.
By the end of this year, the company’s cash flow, production, and sales volumes are expected to fully recover to previous levels, Wang said.
While consolidating its domestic market, explosive growth in overseas markets is reshaping BYD’s revenue structure.
In May, the company’s overseas sales hit a record 160,644 units, surging 80.40% year-on-year.
Wang noted that Chinese automakers, including BYD, have surpassed their local peers in product competitiveness, technology, and user experience.
The company’s original overseas sales target for 2026 was 1.5 million units, but given the current strong momentum, this expectation is likely to be beaten, he said.
To support the massive export demand, BYD is accelerating the construction of a globalized production network.
Its plant in Thailand has already commenced production, and the Indonesian factory is about to start mass production. Meanwhile, the manufacturing base in Brazil is advancing rapidly, and a new plant in Hungary, Europe, is also nearing production.
Beyond scale expansion, pushing into the high-end market is also BYD’s core strategy to boost profit margins.
The Da Tang EV, the first D-segment flagship SUV of its Dynasty lineup, will officially launch on June 17, with pre-sales prices ranging from 250,000 yuan ($36,854) to 320,000 yuan.
Within the first two weeks of opening for pre-sale, orders for this full-size SUV quickly surpassed 100,000 units.
Wang said that cars are essentially safety-critical transportation tools, and only by cutting down on hype and returning to the fundamentals of technology can they truly win the recognition of mid-to-high-end consumers.
Looking ahead, BYD is also laying the groundwork for the upcoming autonomous driving revolution.
Wang predicted that L3 and L4 autonomous driving technologies will definitely be commercialized ahead of schedule. The company has already prepared training centers in regions including Europe, South America, Southeast Asia, and the Middle East.
Driven by both domestic and international markets, Wang remains confident in the company’s long-term vision.
He expects BYD to maintain continuous growth over the next three to five years and become the true global number one in scale by 2030.
Wang Chuanfu told a shareholder meeting that second-generation Blade Battery capacity is climbing by increments of 20,000 to 30,000 units a month.
($1 = 6.7834 yuan)
