This is the story of China’s intelligent ‘Elon Musk’ Wang Chuanfu

01/27/2024 10:55

Updated 01/27/2024 10:55

BYD It is still not the leading brand in electric car sales worldwide. Although it seemed like it was finally going to happen Couldn’t overtake Tesla When it comes to zero-emission vehicles, however, it is close to achieving it. This year, many predicted it would end with Tesla’s defeat against China’s largest carmaker today.

However, this is in the total number of plug-in cars as BYD’s figures include sales plug-in hybrid, Of the 3.01 million units sold globally under the BYD brand, 1.4 correspond to plug-in hybrids, i.e. 1.6 million are fully electric vehicles, a figure is not far Out of Tesla’s 1.81 million. A recent report from Bloomberg Intelligence suggests that BYD will remain in second place in the ranking and Tesla will increase the gap in relation to other competitors. This decade will see intense competition between Tesla and BYD.

Wang Chuanfu’s family were rice farmers in Fujian province.

Wang Chuanfu and Elon Musk, two completely different sides of the same coin

Wang ChuanfuThe businessman and founder of BYD was born on 8 October 1966 in Fujian Province, China. Chuanfu’s story is different from other millionaires like Zuckerberg or Bezos, who, far from being ‘self-made millionaires’, built their companies thanks to the early investment support of wealthy families who acted as patrons.

He grew up in an ordinary family in a village in Fujian province. From a young age he showed interest in science and technology, which led him to seek opportunities beyond traditional agricultural activities related to rice.

After completing high school in Anhui province in eastern China, his parents died and he was left to care for his older siblings. He attended Beijing University of Science and Technology, where he studied chemical engineering, obtained a master’s degree in metallurgy, and graduated in 1987.

After spending several years investigating for the state, BYD Co., Ltd. established in 1995 With the help of his cousin, to a huge city that offers great business opportunities: Shenzhen. Initially, the company was solely dedicated to the manufacturing of rechargeable batteries for mobile phones, a thriving industry at the time.

The initial success of the company is the result of humble financial support given by the family members of two cousins, who helped with small contributions. According to reports Wall Street Journal, they managed to gather around $300,000 To start its activities on a rental space of approximately 2,000 square meters. From there he battled against competitors of the stature of Sanyo, Sony, Samsung, Motorola and Nokia, the companies he came to work for.

Soon, it became one of the world’s largest manufacturers due to its advancements in battery technology. He played an important role in the development of LFP technology (Lithium Iron Phosphate -LiFePO4). Apart from batteries, BYD was also successful in producing mobile phones and other electronic devices.

Thanks to Chuanfu’s educational training and knowledge, the company expanded rapidly. It diversified its operations to include electronic products, solar panels and other electrical components. But, as a visionary entrepreneur, he was confident that batteries could serve For more than just powering small electronic devices, Chuanfu acquired control of Qinchuan Machinery Works, a financially distressed automobile manufacturer, rescuing it from the brink of bankruptcy and building The germ of BYD automobileThe brand’s automotive division.

BYD F3DM.

electric vehicles are coming

BYD became the leader, leveraging this success into an important component of the new automobile industry. In 2003 he established his first battery factory, To keep costs low, rather than automating production, it used basic equipment and very unskilled labor. The exact opposite of what Elon Musk did, who automated his factory to respond to the massive demand for the Model 3.

In 2005 he presented his first car BYD F3DM, a hybrid about the size of the Toyota Corolla that still uses a combustion engine. In 2008 the company lost 31% of its value because its shareholders did not support changes in the sector. However, the success of his first car caught everyone’s attention warren buffett Who bought 10% share of the company.

A year later, BYD built its first Electric bus 12 meters long and with an autonomy of 250 km. From there it became one of the first automobile manufacturers to mass produce. Overcoming various challenges and achieving countless breakthroughs, under Chuanfu’s leadership the company has continued its expansion into the electric vehicle market and established strategic alliances with other companies.

In 2009 he was already one of the richest people in China with a net worth of $5.9 billion. Despite this, Chuanfu is a prudent businessman with no need for the notoriety of Elon Musk, whose fame, for better or worse, precedes him whenever he is mentioned.

Chuanfu has expressed his vision for the future on various occasions: “Transforming BYD into a leading company in clean energy and sustainable mobility.” Apart from his professional achievements, he has been involved in charitable activitiesSupporting projects in areas such as education and environment.

Wang Chuanfu has received numerous honors for his contributions to the electric vehicle industry and battery technology. In 2009, Forbes magazine included him in its list most powerful people in the world,

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