BYD Founder Bets on New Technology to Regain Momentum as Sales Slow
BYD founder and chairman Wang Chuanfu says the company is banking on next generation technology to win back customers as its sales growth decelerates in China’s increasingly competitive electric vehicle market. Speaking at a shareholders’ meeting in Shenzhen, Wang highlighted the role of BYD’s 12,000 strong research and development team, calling its engineers the backbone of the company’s innovation strategy.
Wang said BYD has “heavyweight new technology” under development, though he declined to disclose details, citing commercial sensitivity. He expressed confidence that upcoming breakthroughs would help the company regain a technological edge over rivals, many of which have launched aggressively priced models and advanced driver assistance systems to capture market share.
China remains the world’s largest EV market, but slowing demand and intensifying price competition have squeezed margins for automakers. BYD, once the fastest growing brand in the segment, has recently seen sales momentum ease as domestic competitors, including Huawei backed Seres and startups like Li Auto and Nio, introduce new models aimed at the same consumer base.
Analysts say BYD’s ability to rebound will depend on whether its forthcoming technologies can meaningfully differentiate its vehicles in performance, efficiency or user experience. The company has previously leveraged in house innovations such as blade batteries and hybrid systems to stay ahead, and industry watchers expect similar breakthroughs could set the tone for its next phase of growth.
Wang told shareholders that BYD’s long term vision remains unchanged and that continued investment in research and development is essential to weather market cycles. He added that the company’s engineering depth gives it confidence to face mounting competition.
