He stated this on state television after a meeting with Chinese President Xi Jinping and heads of technology companies.
In 2023, China overtook Japan to become the world's largest car exporter, but its electric vehicles have faced customs restrictions: the European Union imposed a 17% tariff on BYD cars, and the United States strengthened its own barriers. Wang Chuanfu criticized protectionist measures, noting that product quality matters more than trade barriers.
Chinese electric cars stand out for their competitive prices, often supported by government subsidies, as well as a wide range of available models. This has boosted sales abroad. In 2024, BYD delivered a record 4.27 million electric and hybrid vehicles, up 41% from 2023, nearly matching Tesla. Other brands, including Geely and Leapmotor, also saw notable growth of 32% and 100%, respectively.
However, in January 2025, China's car market contracted by 12% compared to the same period last year, most likely due to the Lunar New Year celebrations, which fell in January this time.
