In the quickly changing world of electric vehicles (EVs) and renewable energy, few names are as well-known as Wang Chuanfu, who is the founder, chairman, and CEO of BYD Company. Wang’s journey from a small village in China to the head of a global powerhouse shows how strong, creative, and dedicated to sustainable technology he is. Under his leadership, BYD, which stands for “Build Your Dreams,” has grown from a small battery maker to the world’s largest maker of plug-in electric vehicles. This has changed the global automotive landscape and made it harder for big companies like Tesla to compete.
Early Life: From Hard Times to Dreams
Wang Chuanfu was born on April 8, 1966, in Wuwei County, Anhui Province, which is one of the poorest parts of China. He grew up in a farming family with eight other children. When he was a teenager, both of his parents died, leaving him in the care of his older brother and sister-in-law. Even with all of these problems, Wang was still a brilliant student. With the help of his siblings, who made sacrifices like selling his sister-in-law’s dowry jewelry to pay for his education, he got a scholarship to study metallurgical physical chemistry at Central South Industrial University (now Central South University). He graduated in 1987. He later got a master’s degree in battery technology from the Beijing Non-Ferrous Metal General Research Institute.
Wang’s interest in batteries started when he was in school, and it would shape his whole career. After working for the government for a short time and running a battery company in Shenzhen, he saw a chance to make money in the growing mobile phone market, especially since Japan was getting rid of nickel-cadmium batteries. Wang started BYD in Shenzhen in 1995 when he was 29 years old and had a 250,000 RMB loan from his cousin Lu Xiangyang. The goal was to make rechargeable batteries.
Building BYD: From Batteries to Being the World’s Leading EV Company
In the beginning, BYD focused on making batteries for mobile phones and quickly became a supplier for big companies like Motorola and Nokia. In the early 2000s, BYD was the biggest maker of mobile phone batteries in the world. But Wang’s ideas went well beyond batteries. He took a big step in 2003 when he bought Tsinchuan Automobile, a struggling state-owned car company, and started BYD Auto. He knew that electric cars could help solve global energy problems.
People were doubtful about this choice because BYD had never made cars before. But critics were wrong about Wang’s engineering-driven approach and strategic foresight. BYD’s F3 sedan came out in 2005 and was the best-selling car in China. It was cheap. In 2008, the company released its first plug-in hybrid, the F3DM. The all-electric e6 came out in 2009. Wang’s early bet on electrification made BYD a leader in the electric vehicle (EV) market, long before many other car companies did.
In 2008, Warren Buffett’s Berkshire Hathaway bought a 10% stake in BYD for $230 million. Buffett’s partner Charlie Munger called Wang a “genius” because he was both very smart and worked very hard. Munger famously said that Wang was like a mix of Thomas Edison and Jack Welch because he was good at fixing technical problems and carrying out business plans. The investment made BYD’s value skyrocket and solidified Wang’s reputation as a visionary leader.
Wang helped BYD make its own lithium iron phosphate (LFP) battery, the “Blade Battery,” which is known for being safe, cheap, and long-lasting. The Blade Battery, which came out in 2020, set new standards in the industry and helped BYD grow quickly. By the end of 2023, BYD had sold more electric vehicles than Tesla, with 526,000 battery-only cars compared to Tesla’s 484,000. BYD sold more than 3 million cars around the world in 2023 alone. This made it China’s biggest carmaker by sales and a strong player on the world stage.
The BYD Edge: New Ideas and Vertical Integration
Wang is a hands-on leader when it comes to innovation. He is said to spend 60 to 70 percent of his time on developing new products and technologies, often changing designs to get around existing patents. His philosophy—”60% from existing literature, 30% from sample analysis, 5% from raw materials, and 5% from original research”—shows that he has a practical approach to innovation that has kept BYD competitive.
BYD’s supply chain is vertically integrated, meaning that it mines raw materials, makes chips and batteries, and protects the company from market shocks while also lowering costs. This model, which is similar to Henry Ford’s in terms of size, lets BYD sell EVs for much less than its competitors. For example, the BYD Seagull, which costs less than $10,000, has advanced features like assisted driving, which makes people think that Chinese carmakers make low-quality cars.
Wang has also led BYD into renewable energy, making solar panels, energy storage systems, and electric buses that are used in cities all over the world. BYD’s FinDreams Battery subsidiary, which will be the second largest EV battery maker in the world by 2024, sells batteries to other car makers, which gives BYD even more power. BYD has more than 900,000 employees as of September 2024, with 104,000 of them working in research and development. This shows how serious the company is about coming up with new ideas.
Struggles and Strength
Wang’s journey has had its ups and downs. Between 2017 and 2019, the Chinese government cut back on subsidies for electric vehicles (EVs), which caused BYD’s profits to drop sharply. By 2019, the company’s net profit had dropped to 1.6 billion CNY. Wang said this was the company’s “darkest moment,” when staying alive was the most important thing. But he kept going, spending 8.4 billion CNY on research and development during this time. This paid off with the Blade Battery and BYD’s rise to fame.
As BYD grows around the world, it faces big geopolitical problems. Tariffs, especially in the U.S., have made it harder for the company to get into the U.S. market. At the same time, Western media often talk about BYD’s rise as a threat to national security. Wang is still pushing for “openness” so that people all over the world can benefit from China’s electric vehicle innovations. He told CCTV in 2025 that Chinese electric vehicles are three to five years ahead of foreign competitors, thanks to the work of 110,000 engineers.
Life and Legacy
Wang has a net worth of $15–23.5 billion, but he doesn’t like to be in the spotlight like other famous people like Elon Musk. He doesn’t do many interviews because he is a private person and works 70 hours a week, according to reports. People say that Wang is dating Stella Li, the head of BYD Americas, but not much is known about his personal life. His charitable work, which includes giving millions to good causes, shows how much he cares about others because of the hard times he went through as a child.
Wang was named one of TIME’s 100 Most Influential People in 2024 and one of TIME’s 100 Climate Leaders in 2024 for his work to promote green transportation. His meeting with Chinese President Xi Jinping in February 2025, along with tech leaders like Jack Ma, showed how powerful he is in China’s tech industry.
The Way Forward
Wang Chuanfu has big plans for BYD. He wants BYD to be a well-known brand around the world, like Toyota or Volkswagen, and he wants to lead the way to more environmentally friendly transportation. BYD is ready to enter new markets and compete with established automakers. The company plans to raise $5.6 billion in 2025 to help it grow internationally. Wang’s prediction that electric and hybrid cars will take over the world market fits with what is happening in the industry, and his focus on innovation keeps BYD at the top.
Wang Chuanfu’s story is one of determination, intelligence, and making a big difference in the world. He went from being an orphaned village boy to a billionaire who is changing the car industry. He said at an industry summit in 2024, “The harder the problem, the more it pushes us to find new ways to solve it.” Wang and BYD’s dream of a cleaner, electrified future is not just a dream; it’s something they work on every day.
