On June 9th, the Inspirational Hall at BYD's headquarters in Shenzhen was filled to capacity. This venue, which has witnessed numerous major strategic announcements from the company, hosted its largest-ever shareholder meeting, with nearly a thousand investors attending in person, setting a new record. At the meeting, BYD's Board Secretary, Li Qian, noted that approximately half of the attendees were BYD vehicle owners.
During the event, Chairman Wang Chuanfu addressed key investor concerns regarding intelligent driving breakthroughs and the overseas expansion strategy. His remarks conveyed a steadfast commitment to the company's technological roadmap and ambitious goals for future scale. He explicitly stated that BYD has the potential to become the global leader in scale within the next five years, driven by what he repeatedly emphasized as the core factor: technology.
"We are long-termists. From a team of 20 people thirty years ago to where we are today, 'technology is king, innovation is fundamental'—this has been our unwavering belief," Wang Chuanfu stated.
Impact of Purchase Tax Policy Reduction
The new energy vehicle (NEV) sector faced significant pressure in the first quarter. Wang Chuanfu candidly explained to shareholders that the reduction in the purchase tax incentive policy at the start of the year was a key factor in the recent sales volatility.
Starting January 1, 2026, the policy exempting NEVs from purchase tax will end, shifting to a halved rate of 5%. As a pure-play NEV manufacturer, BYD Company Limited (BYDDY) is inevitably subject to a more pronounced impact.
"The worst is behind us," Wang Chuanfu said. In March, BYD launched its second-generation Blade Battery and flash-charging technology, which became pivotal in turning the situation around. These two technologies directly address the core pain point of the electrification 'first half'—range and charging anxiety. Following their release, they quickly garnered high praise in both domestic and international markets, leading to a surge in orders.
He revealed that production capacity for the second-generation Blade Battery is currently ramping up, and sales turned positive starting in May. "As production capacity continues to climb, operating cash flow will gradually return to a very strong level by the end of this year," he added.
Regarding the choice of technological path, Wang Chuanfu demonstrated a vision that extends far beyond a single product. He stated that BYD will not keep the flash-charging technology to itself; charging piles will not bear the BYD logo, and the flash-charging ecosystem will serve all automotive brands and consumers. "A good technology should not only serve BYD but, more importantly, serve the entire industry. Having this kind of vision is how you win the market and earn everyone's recognition."
Data Foundation Supports Intelligent Driving Ambitions
Intelligent driving was the most frequently discussed topic by investors at the shareholder meeting. One shareholder asked how BYD plans to translate its competitiveness in intelligence, particularly in premium models and the autonomous driving race, into market success. Wang Chuanfu expressed full confidence in this area.
"The development speed of AI has exceeded everyone's imagination. Vehicle intelligence is embodied intelligence," Wang said. He disclosed BYD's core data in the intelligent driving domain: to date, the company has over 3.15 million vehicles equipped with assisted driving capabilities globally, generating more than 200 million kilometers of intelligent driving-related data daily. The team of intelligent driving R&D engineers exceeds 5,000 people. This scale of data accumulation forms the core foundation for BYD's push towards higher levels of autonomous driving.
The launch timeline for Level 3 (L3) autonomous driving is one of the most anticipated milestones in the entire industry. Wang Chuanfu indicated that BYD is fully prepared across all dimensions—chips, algorithms, data, and ecosystem. Once regulations are in place, the company will launch new products compliant with L3 standards, starting in China and expanding globally.
He specifically mentioned that BYD has established comprehensive intelligent driving training centers in multiple locations worldwide. The company's self-developed 4-nanometer intelligent driving chip, the Xuanji A3, was released in May, securing core computing power reserves ahead of schedule. "Once L3 regulations are implemented, BYD will take off rapidly," he stated.
Overseas Expansion Accelerates
The overseas expansion strategy was another major theme Wang Chuanfu elaborated on during the meeting.
Public data shows that in 2025, BYD's sales of pure electric vehicles officially surpassed those of Tesla, with annual deliveries exceeding 2.25 million units. Overseas sales surpassed 1 million units for the first time, representing a 150% year-on-year increase. Regarding future overseas targets, Wang Chuanfu further stated at the meeting that the company is likely to exceed its 2026 export target set at the beginning of the year.
How will sustained growth be achieved in overseas markets? Wang Chuanfu attributed it to localization and social responsibility. He outlined BYD's global footprint: In South America, with Brazil as a primary production base, it is fostering local supply chains and stabilizing market share in Brazil and across the region. In Europe, the Hungary factory is about to commence production, which will stimulate the local industrial chain, create jobs, and generate tax revenue. In Southeast Asia, the Thailand factory is already operational, effectively promoting local industrial development. The Middle East market shows robust demand with vehicles in high demand, while the Australian market continues its steady growth. "We have been cultivating overseas markets for many years. Our reputation, technology, and service network are all in place. Using localized production to drive local supply chains will allow this positive momentum to continue," he said.
Engineer Culture as the Core Strength
Speaking about the传承 of the engineer culture, Wang Chuanfu stated, "BYD has 120,000 engineers; this is the company's true wealth. The engineer culture has successors; there is no need to worry." He revealed that he spends half of his week in technical meetings, engaging and exchanging ideas with engineers. "Swimming in the ocean of technology is what interests me the most," he said. At the chip level, he cited the Xuanji A3 as an example of BYD's self-reliance in core technologies. The release of this self-developed 4-nanometer intelligent driving chip signifies that BYD has built its own moat in what were once 'bottleneck' areas.
Addressing shareholder concerns about BYD's position in five or ten years, Wang Chuanfu provided a clear vision: With the second-generation Blade Battery and flash-charging technology marking a strong start, new technologies will continue to be launched in the coming years. "With dual-drive from domestic and international markets, I believe BYD can achieve true global leadership in scale by 2030." His logic remains consistent: once technology is perfected, issues of scale, profit, and brand will all be resolved.
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