Wang Chuanfu, BYD’s chairman, said Tuesday that he expects the Chinese company to become the world’s largest automaker within the next five years, in an effort to reassure investors following a significant drop in the company’s stock price, Reuters reports.

BYD, which ranked sixth globally in 2025 with 4.6 million vehicles sold, has struggled to maintain a growth trajectory after its sales in the Chinese market were impacted by intensifying competition over the past year. Over the past 12 months, BYD’s shares have fallen by more than 45% on the Hong Kong Stock Exchange, while its shares listed in Shenzhen have dropped by 33%.

Speaking at BYD’s annual general meeting of shareholders, held at the company’s headquarters in Shenzhen, Wang addressed an audience of nearly 1,000 shareholders, emphasizing the focus on increasing production of the latest-generation Blade batteries, which he identified as the main bottleneck to growth this year.

"BYD will truly become the world's No. 1 automaker in five years," Wang said, as quoted by the Shanghai Securities News, highlighting the company’s strong exports and technological advancements, including breakthroughs in battery technology and fast charging, which he believes will drive growth both domestically and internationally.

On Wednesday, BYD confirmed that Wang had stated his desire for the company to become the world’s largest automaker, but did not provide further details about the discussions that took place during the AGM.

To achieve this goal, the Chinese company would need to surpass the Japanese group Toyota Motor, which sold more than twice as many vehicles as BYD in 2025. However, Toyota has seen its overseas market share erode in regions such as Southeast Asia and the Middle East, where Chinese automakers have recorded significant growth this year, according to data provided by the China Association of Automobile Manufacturers.

From January to May of this year, BYD’s exports rose by 65% compared to the same period last year, with Brazil, the United Kingdom, and Australia being the Chinese manufacturer’s largest markets, thanks to relatively low trade barriers.

Even so, this increase in exports failed to offset weaker domestic performance, so BYD’s total deliveries in the first five months of the year fell by more than 20%.

On Wednesday morning, BYD shares listed on the Hong Kong and Shenzhen stock exchanges fell by 4.3% and 1.6%, respectively.

AGERPRES