Benzinga
Published Jan 02, 2024 12:05
Updated Jan 02, 2024 13:10
Meet BYD Chief Wang Chuanfu, Who Charlie Munger Said Is 'Better At Actually Making Things' Than Tesla CEO Elon Musk
Benzinga - by Ramakrishnan M, Benzinga Editor.
Wang Chuanfu, the 57-year-old billionaire founder and CEO of BYD Co. (OTC:BYDDY) (OTC:BYDDF), has steered the Chinese automaker onto the global stage, positioning it as a formidable contender poised to outpace even Tesla Inc (NASDAQ:TSLA) in fully electric vehicle sales.
His roots in Wuwei shaped his resilience, facing the loss of his parents as a teenager and relying on support from older siblings for his education. His early career centered around mid-level government research in Beijing, focusing on rare-earth metals crucial to batteries and electronics.
BYD’s initial venture into electric vehicles began in 2003 when it acquired a failing state-owned automaker and introduced its first plug-in hybrid in 2008.
Despite initial setbacks, Wang’s vision and the company’s position as a battery manufacturer uniquely positioned BYD to thrive as China began subsidizing plug-in car purchases.
Charlie Munger, the former Berkshire Vice Chairman who passed away last year, described Wang as a genius. "The guy at BYD is better at actually making things than Elon [Musk] is," he said in the podcast “Acquired” in an October 2023 episode, comparing Wang to the Tesla CEO.
But unlike Musk, Wang keeps a low profile, steering clear of social media. His focus on innovation and consumer needs has allowed BYD to offer a diverse range of affordable electric vehicles, challenging Tesla’s dominance.
The company’s success is attributed not just to government subsidies but also fierce competition with rivals such as Nio Inc (NYSE:NIO) and Xpeng Inc (NYSE:XPEV), pushing BYD to innovate and optimize costs.
Wang’s 2023 global travels, engaging with auto shows, market launches, and state leaders, showcase BYD’s expanding footprint in over 60 countries. Analysts anticipate the launch of third-generation EVs next year, further solidifying BYD’s position.
Source: Bloomberg News
Image made via photos on Flickr and Shutterstock
Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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