BYD targets becoming world’s largest automaker within five years
13 reported2 unconfirmed
Chinese car company BYD has announced its goal to become the world's largest automaker within the next five years, targeting Toyota's long-held top spot. Founder and chair Wang Chuanfu expressed confidence at the company's annual shareholder meeting in Shenzhen, citing rapid advances in battery technology, fast charging, and growing overseas production. The company also announced plans to spend nearly £1.8bn in Europe to develop infrastructure for five-minute "flash charging" of its cars. BYD overtook Tesla last year as the world's biggest EV maker by sales, and in May sold more than 160,000 vehicles abroad, up 80% from the previous year. The company aims to sell 1.5m vehicles overseas this year, up more than 40% from last year's 1.05m. In 2025, Toyota sold 11.3m vehicles while BYD sold 4.8m.
What’s reported
BYD aims to be the world's biggest automaker within five years, targeting Toyota's top spot.
Founder and chair Wang Chuanfu stated this at the company's annual shareholder meeting in Shenzhen.
BYD announced plans to spend nearly £1.8bn in Europe on infrastructure for five-minute "flash charging."
BYD overtook Tesla last year as the world's biggest EV maker by sales.
In May, BYD sold more than 160,000 vehicles abroad, up 80% from the year before.
BYD aims to sell 1.5m vehicles overseas this year, up more than 40% from last year's 1.05m.
In 2025, Toyota sold 11.3m vehicles; BYD sold 4.8m.
BYD's top international executive Stella Li said the company will start assembling cars at its new plant in Hungary in Q4 of this year.
BYD paused work on a plant in Turkey to focus on EU production, where locally assembled cars help beat tariffs.
BYD in Hungary faces allegations of EU employment law breaches and claims of soil dumping on farmland; local authorities ordered destruction of affected crops.
Authorities placed sanctions on three companies involved in the factory's construction and imposed a fine on at least one; investigation findings not yet public.
The Pentagon added BYD to a list of "Chinese military companies" deemed a national security risk to the US.
China responded by saying the addition "lacks factual basis."
Open questions
The specific findings of the investigation into BYD's Hungary factory regarding employment law breaches and soil dumping are not yet public.
The exact nature of the sanctions and fines imposed on companies involved in the Hungary factory construction is not detailed.
Key figures
Wang Chuanfu, founder and chair of BYD
Stella Li, top international executive of BYD
China Labour Watch, organization that conducted the investigation into workers
Sources: The Guardian
