BYD Founder Expects China's New Energy Vehicle Market to Expand Despite Slowing Consumer Battery Demand; Tengshi Luxury Brand Receives 50K+ Orders

According to a report by Sina Finance, Wang Chuanfu, the founder of BYD, has stated that the new energy vehicle market in China has entered a phase of comprehensive expansion. The demand for storage batteries is still strong, but the demand for consumer batteries is slowing down.

In light of this, BYD has received over 50,000 orders for its luxury brand, Tengshi, and the luxury brand Yongwang is targeting the million-yuan subdivision market. Although facing "huge challenges," they have achieved good results.

The new energy vehicle market in China is expected to continue its expansion as more and more consumers choose electric vehicles over traditional gasoline-powered vehicles. As a result, the demand for storage batteries for these vehicles will remain strong, and companies like BYD that specialize in producing batteries for electric vehicles will likely continue to see strong demand for their products.

In regards to recent reports about Tesla stopping its collaboration with BYD on batteries, BYD responded that the reports were "inaccurate and do not reflect the actual situation." Tesla CEO Elon Musk also tweeted that the reports were "incorrect" and that the two companies have a "positive relationship."

BYD's Vice President and Director of the Automotive Engineering Research Institute, Lian Yubo, also stated in a 2022 interview that BYD respects Tesla and is good friends with Musk, and is preparing to supply batteries to Tesla.