CEO and Vice-chairperson, LG Chem
The growth of BYD, originally an abbreviation of “Build Your Dreams,” since inception in 1995 has been dramatic. Within just a decade, the rechargeable-battery manufacturer founded by Wang Chuanfu at the age of 29, had captured more than half of the global mobile-phone battery market. It is a position it still holds today.
Batteries though are just one part of the BYD story. In 2003, Wang launched BYD Autos, with an emphasis on electric and hybrid vehicles. The company rode the rapid growth of the Chinese auto market from the 1990s on, as well as government-level support for the electric vehicle sector.
The BYD auto brand remains one of China’s best-selling domestic cars and is the second-largest electric car maker in the world after Tesla. Wang is now eyeing the overseas market. Earlier this year the company announced it would start expansion into Europe, launching a range of vehicles first in Norway.
"BYD is the only company in the world to develop and produce in-house all the core parts of EVs” Wang tells Business Insider. “Now, our brand’s 100% electric buses, taxis and other vehicles have spread to more than 300 cities, in more than 50 countries and regions, promising quieter, cleaner transport for future generations.”