BYD Chairman Wang Chuanfu recently visited Shaanxi province, highlighting its importance to the company's new energy vehicle (NEV) ambitions. A BYD NEV project in Shaanxi, located in Xi'an and launched in September 2014, is anticipated to generate over 25 billion yuan (approximately $3.8 billion) in production value annually once fully operational. The project is also expected to create around 20,000 jobs within the province.
In related news, BYD unveiled its largest electric SUV, the seven-seat Great Tang (also known as Datang), in Xi'an. This new model, measuring 17 feet long, aims to compete with premium rivals in China at a more affordable starting price of 239,900 yuan, or about $35,500. This pricing is notably lower than initial plans for the vehicle, which had pre-sale prices ranging from 250,000 yuan ($36,854) to 320,000 yuan.
Despite a 33% decline in BYD's Hong Kong-traded shares over the past year, Chairman Wang expressed confidence in the company's future, aiming for BYD to become the world's largest automaker by scale by 2030. He emphasized the company's commitment to technological innovation and global expansion, noting record overseas sales of 160,644 units in May, an 80.40% year-on-year surge. BYD is accelerating the construction of a global production network with plants already producing in Thailand and nearing mass production in Indonesia, Brazil, and Hungary. The company also plans to install approximately 3,000 megawatt flash-charging stations across Europe by the end of 2026 and is preparing for L3/L4 autonomous driving commercialization, with training centers established across various regions.
