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BYD’s Wang Chuanfu Gained $9 Billion By Beating Tesla In Global Sales
Wang Chuanfu, the chairman and CEO of Chinese electric vehicle maker BYD, has seen his net worth soar by a staggering $9.3 billion as his company overtook Elon Musk-led Tesla in global sales. The phenomenal growth has propelled Wang’s wealth to an impressive $28.5 billion, with most of it tied to his massive stake in the firm.
BYD’s remarkable success is attributed to its broad product offering and competitive pricing strategy. Unlike Tesla, which focuses solely on electric vehicles (EVs), BYD produces plug-in hybrids as well. This diversified approach has allowed the Chinese company to cater to a wider range of consumers and maintain a significant market share in China.
In contrast, Tesla’s lack of innovation and failure to introduce exciting new models have led analysts to predict that its sales will decline significantly. In fact, some experts warn that Tesla’s market share in China may drop as low as 5% by the end of this year, down from an already disappointing 7.6% in 2024.
Wang has expressed his ambition to expand BYD’s global presence, with a goal of delivering 1 million vehicles outside of China in 2025. While the company is making progress in emerging markets such as Southeast Asia and Thailand, it faces significant challenges in other regions.
BYD had to put its plans for an EV factory in Mexico on hold indefinitely due to concerns over tariffs and geopolitics. The firm’s efforts to establish a foothold in Europe have also been hindered by a European Union investigation into whether China provided unfair subsidies to a plant in Hungary. Additionally, the company has chosen not to hike prices in Europe despite increased tariffs, which may limit its growth in this market.
Despite these challenges, BYD is expected to maintain its dominance in China’s EV market and potentially increase its deliveries in Western Europe by over 90% from last year’s total of 47,133 vehicles. Wang’s vision for the company’s future looks promising, with some experts predicting that it will account for a third of all electric vehicle deliveries in China by the end of this year.
Wang’s remarkable success has been matched by his counterpart Elon Musk, who still boasts an impressive net worth of $347.7 billion despite Tesla’s struggles.
Source: https://www.forbes.com/sites/ywang/2025/03/27/byds-wang-chuanfu-gained-9-billion-by-beating-tesla-in-global-sales/
