Meet man, an orphan, who beat Elon Musk, world’s richest man to build world’s largest…, his company is…, business is…

Wang believed that the future of electric vehicles depended on advancements in battery technology.

Wang Chuanfu was born in 1966 in China. He experienced several hardships early in life. When he was still in school, his parents died. Then he relied on the support of his older brother to continue his education. Despite the early loss of parents,  Wang did well in education and earned a master’s degree from the Beijing Nonferrous Metals Research Institute.

After completing his education, Wang settled in Shenzhen. He worked at a battery company there which was established by his institute. This was the first time he realised potential in battery technology. He then founded BYD in 1995 with a borrowed $352,000 and a team of just 20 people.

BYD’s Growth 

BYD initially focused on battery manufacturing, but Wang saw opportunity between batteries and automobiles. In 2003, the company entered the automotive industry by acquiring a struggling car company for $38 million. To overcome its technological limitations, Wang employed an innovative strategy: he acquired second-hand cars from around the world, dismantled them, and studied their designs to master car manufacturing.

Wang once stated, “Toyota, being the world’s number one automaker, its craftsmanship, design, and products are worth learning from only by standing on its shoulders can we reach new heights.”

BYD’s Big Break

BYD’s turning point came in 2008 when Warren Buffett invested $230 million in the company. This took BYD onto the global stage and built its reputation as an industry innovator.

BYD’s vertical integration strategy helped  it to produce many components in-house, like batteries which reduced their costs and enabled rapid scaling. BYD recently introduced a groundbreaking fast-charging technology that adds 250 miles of range in just five minutes.

Elon Musk Tesla VS BYD 

By 2024, BYD had become the largest EV maker globally by volume, delivering 4.27 million vehicles and generating $107 billion in revenue. The company did 32% of China’s new energy vehicle sales surpassing Elon Musk’s Tesla’s 6.1% market share.