Meet man behind world's largest EV company, who is set to take on Elon Musk's Tesla in India

The Indian auto market is shaking up with the arrival of foreign electric car brands. As Tesla, the American giant, has finally entered India after a decade-long wait, with its rear-wheel Model Y. VinFast, a Vietnamese EV maker, is also set to be launched in India in August. Both newcomers will go head-to-head with established BYD in India. The Chinese automaker already has four models in India, with its Sealion 7 model competing directly with Tesla. 

As BYD has already outperformed Tesla in terms of global EV car sales for two quarters in a row, experts believe it can give tough competition to Tesla in India. Know the man behind BYD, Wang Chuanfu, a factory-floor billionaire, who launched BYD in India in 2022 with the Atto 3 SUV.  

Who is Wang Chuanfu?

Wang Chuanfu, the founder and CEO of BYD, has made one of the world's largest electric vehicle manufacturing businesses. Born in 1966 in Anhui province, he has faced hardships early in life, with both his parents dead, leaving him orphaned. His older brother took care of his education, helped him complete his master’s from Beijing Nonferrous Metals Research Institute. He founded a BYD(originally ‘bi ya di’) in 1995 with a capital of USD 352000, which he borrowed from his cousin. He initially started with a team of 20 people to make batteries, which are the sole component of electric vehicles. With mastery in battery technology, he entered the car industry by acquiring a failing state-owned company for USD 38 million in 2003, as reported by CNN. He then began learning design and manufacturing processes with second-hand cars, especially of the Toyota brand, from worldwide.

How Wang Chuanfu built the world's largest EV company, BYD?

It was in 2008 when Wang got his breakthrough with billionaire Warren Buffett’s Berkshire Hathaway on board with a USD 230 million investment in BYD, which has now returned over 15 times. It was a game-changer for the company as it solidified its position in the auto industry. Later, the company pioneered in blade battery technology with the unique shape that enables maximum use of the available space in the battery pack. BYD went on to launch a battery charging technology that adds 250 miles of range in just five minutes. By 2024, the company topped the charts as the world’s largest EV maker by volume, with revenues hitting USD 107 billion, and 4.27 million delivered cars, as reported by CNN. 

Meanwhile, BYD has accounted for 32% of last year’s total sales of new energy vehicles in China, which include hybrids, outperforming Tesla’s 6.1% market share, as reported by CNN. Now, the battle between Musk and Chuanfu continues with India being the next front.