BYD eyes Toyota’s crown, says it can become world’s biggest automaker within five years – Firstpost

Chinese electric vehicle giant BYD has set an ambitious target of becoming the world’s largest automaker within the next five years, as its chairman Wang Chuanfu sought to reassure investors amid a sharp decline in the company’s share price and growing competition in its home market.

Speaking at BYD’s annual shareholder meeting in Shenzhen on Tuesday, Wang said the company was confident it could overtake global rivals through rapid advances in battery technology, fast-charging capabilities and a growing presence in overseas markets.

“BYD will truly become the No. 1 automaker globally in terms of scale in five years,” Wang told shareholders, according to reports from state-owned Shanghai Securities News.

The bold prediction comes at a challenging time for the company. BYD’s shares listed in Hong Kong have fallen more than 45 per cent from their peak over the past year, while its Shenzhen-listed stock has dropped about 33 per cent.

A long road to the top

Despite its rapid rise in recent years, BYD still trails far behind Japanese auto giant Toyota in terms of vehicle sales.

BYD sold around 4.6 million vehicles in 2025, making it the world’s sixth-largest automaker. Toyota, by comparison, sold more than twice that number, maintaining its position as the world’s largest carmaker.

For BYD to achieve Wang’s goal, the company would need to significantly expand its production and sales while continuing to gain market share in regions traditionally dominated by established global brands.

However, Wang argued that the company’s technological strengths and expanding international footprint would help bridge the gap.

Exports emerge as a bright spot

One of BYD’s strongest growth drivers has been exports.

Between January and May this year, the company’s overseas sales rose 65 per cent from a year earlier. Brazil, Britain and Australia emerged as its largest export destinations, helped by relatively lower trade barriers compared with some Western markets.

Chinese automakers, including BYD, have also been making inroads into Southeast Asia and West Asia, regions where Japanese manufacturers such as Toyota have traditionally enjoyed strong market positions.

Industry data shows Chinese brands have steadily increased their market share in several overseas markets by offering competitively priced electric and hybrid vehicles equipped with advanced technology features.

Domestic challenges remain

While exports have surged, BYD continues to face headwinds at home.

The Chinese car market has become increasingly competitive as manufacturers engage in aggressive price wars to attract buyers. Intense rivalry among domestic automakers has weighed on margins and slowed growth across the industry.

BYD’s overall deliveries during the first five months of the year fell more than 20 per cent compared with the same period last year, underscoring the challenges facing the company in its biggest market.

To address these concerns, Wang highlighted the ramp-up of BYD’s second-generation Blade Battery as a key priority for 2026. He described battery production as the company’s most important growth bottleneck and said expanding output would be critical to supporting future vehicle sales.

Betting on technology

BYD has built its reputation around in-house battery development and integrated manufacturing capabilities. The Blade Battery, known for its safety and energy-density advantages, has become one of the company’s signature technologies.

The company is also investing heavily in faster charging systems and next-generation battery technologies as it seeks to strengthen its competitive edge in the global electric vehicle market.

Wang told shareholders that these technological improvements, combined with strong export growth, would help fuel the company’s next phase of expansion.