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Forget Elon Musk, meet Wang Chuanfu: the Chinese billionaire has dethroned Tesla with BYD’s 2022 electric car sales and was backed by Warren Buffett – but comes from a family of farmers

STORYUmesh Bhagchandani
Wang Chuanfu of BYD attends the press conference of the company’s interim result 2012 at Conrad Hotel, Admiralty in Hong Kong. Photo: Sam Tsang
Wang Chuanfu of BYD attends the press conference of the company’s interim result 2012 at Conrad Hotel, Admiralty in Hong Kong. Photo: Sam Tsang
Millionaires and billionaires

  • Wang’s Shenzhen-based company BYD sold more electric cars than Elon Musk’s Tesla in the first half of 2022 – and was one of the first businesses to pivot to producing masks amid Covid-19
  • The carmaker has been backed by American billionaire Warren Buffett since 2008 and he’s since enjoyed a 33-fold gain – but rumour has it his shares are up for grabs

About 20 years ago, Chinese billionaire Wang Chuanfu had a plan to buy a failing state car manufacturer and replace its internal combustion engines with batteries to launch his own electric vehicles venture.

Today his company BYD has dethroned Tesla as the most popular maker of battery-driven cars in the market, per Financial Times. In July, Forbes even reported that BYD’s stock jumped 90 per cent despite the ongoing Covid-19 cases in the country as he raked in another US$7 billion. His personal wealth is valued at over US$25 billion, which makes him currently the 22nd richest person in China, per FT.
Wang Chuanfu, chairman and president of BYD Auto, the biggest global electric brand by sales volume, prepares to show the latest cars during the Auto Shanghai 2019 show in Shanghai. Photo: AP
Wang Chuanfu, chairman and president of BYD Auto, the biggest global electric brand by sales volume, prepares to show the latest cars during the Auto Shanghai 2019 show in Shanghai. Photo: AP
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The chemist and billionaire entrepreneur is known for his innovative ideas and, with his company at the forefront in dominating the electric vehicles market, it seems that Wang isn’t going anywhere any time soon.

Here’s what you should know about him …

Wang Chuanfu got Warren Buffett’s support, but are his shares for sale?

Wang Chuanfu, founder and chairman of BYD Auto, attends a news conference in Hong Kong, in March 2018. Photo: Bloomberg
Wang Chuanfu, founder and chairman of BYD Auto, attends a news conference in Hong Kong, in March 2018. Photo: Bloomberg

His company BYD – short for “build your dreams”– is backed by American billionaire Warren Buffett. In 2003, BYD pivoted from being the world’s largest manufacturer of rechargeable mobile phone batteries to becoming a leader in the automotive sector.

American investor Warren Buffett, centre, and Chinese tycoon, BYD Chairman Wang Chuanfu, right, pose with one of taxi drivers from the first BYD taxi team, in Shenzhen city, Guangdong province, in 2010. Photo: AP
American investor Warren Buffett, centre, and Chinese tycoon, BYD Chairman Wang Chuanfu, right, pose with one of taxi drivers from the first BYD taxi team, in Shenzhen city, Guangdong province, in 2010. Photo: AP

But BYD has received little brand recognition outside of China, despite the company selling more than 641,000 vehicles in the first half of 2022, per Forbes. Meanwhile, CNBC reported that it sold about 130,000 last year. BYD’s success mainly stems from being able to build longer-lasting batteries and cheaper vehicles than American and Japanese manufacturers, according to Fortune.

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