IT Home May 16 news, according to Shell Finance, on May 15, Wang Chuanfu, Chairman and President of BYD Group, recalled BYD's new energy strategy at the 2026 Yangwang Business Research Institute Thousand-Person Conference, saying that the purpose of acquiring Qinchuan Automobile in 2003 was to develop new energy vehicles.
We set our new energy strategy 20 years ago. When we bought this car company (referring to the acquisition of Qinchuan Automobile), the purpose was to develop new energy vehicles. That was in 2003.
On the day of the acquisition, our stock price plummeted, and 80% of investors opposed it. As a manager, I withstood the pressure and persisted. Now it has proven that the direction was right.
IT Home Note: Before 2003, BYD was a company focused on battery R&D and production. On January 23, 2003, BYD announced the acquisition of 77% equity of Xi'an Qinchuan Automobile Co., Ltd. for 270 million RMB.
Talking about the current industry competition, Wang Chuanfu mentioned that although the competition is brutal now and the market is like a battlefield, competition is a "master key" for corporate development. Only through competition can a company remain vibrant and sustainable. Only by competing—such as in areas like talent and technology—survival of the fittest allows a company to survive.
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