Chinese electric vehicle manufacturer BYD has announced its ambition to become the world's largest automaker within the next five years, targeting Toyota's long-held top position. The company's founder and chair, Wang Chuanfu, expressed confidence in overtaking global rivals through rapid advancements in battery technology, fast-charging innovations, and expanding overseas production, including in Europe.
Ambitious Sales and Investment Plans
At BYD's annual shareholder meeting in Shenzhen, Wang stated, "BYD will truly become the number one automaker globally in terms of scale in five years." The company aims to sell 1.5 million vehicles overseas this year, a more than 40% increase from last year's 1.05 million. In May alone, BYD sold over 160,000 vehicles abroad, up 80% from the same period last year.
To support this growth, BYD announced plans to invest nearly £1.8 billion in Europe to develop infrastructure for five-minute "flash charging" of its electric vehicles. This investment underscores the company's commitment to overcoming charging time barriers and enhancing EV adoption.
Competition with Toyota and Tesla
Toyota retained its crown as the world's top-selling carmaker in 2025 with 11.3 million vehicles sold, while BYD sold 4.8 million last year. BYD overtook Tesla in 2023 as the world's biggest EV maker by sales, and it continues to expand its market share globally.
European Expansion and Tariff Challenges
BYD's top international executive, Stella Li, confirmed that the company will start assembling cars at its new plant in Hungary in the fourth quarter of this year. She also noted that BYD has paused work on a plant in Turkey to focus on production in the European Union, where locally assembled cars will help it circumvent tariffs imposed on Chinese EVs two years ago.
"Hungary is the number one priority right now," Li told Reuters. "The second priority will be to focus on finding a second facility in Europe."
Controversies and Allegations
BYD's operations in Hungary have faced allegations of breaching EU employment laws as it races to build its first European factory using Chinese migrant workers. Additionally, claims have emerged that excavated soil from the factory site in Szeged was dumped on surrounding farmland, potentially contaminating it. Local authorities ordered the destruction of affected crops, and three companies involved in the construction have been sanctioned, with at least one fined. The findings of the investigation have not yet been made public, according to China Labour Watch.
US Listing and Response
BYD is also under pressure in the United States, where the Pentagon added it to a list of "Chinese military companies" deemed a national security risk. Many of these businesses compete directly with major US companies. China responded on Wednesday by stating that the addition "lacks factual basis."
