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BYD CEO: China Leads EV Technology

BYD CEO: China Leads EV Technology

China Takes the Wheel in Electric Vehicle Race

(News Flash, February 18, 2025) China is zooming ahead in the electric car world! According to BYD’s big boss, Wang Chuanfu, China’s EVs are way ahead. He said they are leading by three to five years. This lead covers cars, tech, and making all the parts. Reuters reported this exciting news.

Becoming Top Car Exporter

China grabbed the top spot for car exports last year. Yes, they beat Japan! This is a huge win for the country. However, it’s not all smooth driving. Some countries are putting up roadblocks. Specifically, America and Europe have added taxes on Chinese EVs. For example, the EU put a 17% tax on EVs from BYD.

Exports See Big Jump

Sales of Chinese cars to other countries are booming. Passenger car exports jumped in value. It went up from $77.7 billion in 2023 to $89.4 billion in 2024. IndexBox tracked these numbers. Interestingly, Russia bought the most Chinese cars in 2023. They imported a whopping $11.7 billion worth. Following behind were Belgium and the UK. They purchased $5.9 billion and $5.7 billion, respectively.

Imports Take a Dip

Despite selling more cars abroad, China is buying fewer cars from other nations. The value of imported passenger cars decreased. It went down from $45.9 billion in 2023 to $38.4 billion in 2024. Germany was the biggest car seller to China back in 2023. Their exports were worth $15.4 billion. The USA and Japan also sold a lot, with $8.4 billion and $7.9 billion, respectively.

Quality Beats Protectionism

Wang believes good products will always win. He stated that walls against good quality don’t work well. Instead, he thinks happy customers drive the EV industry forward. They help the industry “overcome difficulties.” Chinese leaders are still talking about car tech’s future. The industry looks set for more growth and new ideas.

Source: IndexBox Market Intelligence Platform

Want to Know More About China’s Car Market?

This detailed report dives deep into China’s passenger car scene. You’ll get the scoop on:

Market trends and chances by country
How much people are buying
Production numbers and prices
Global trade details (imports & exports)

And, it even looks ahead to market predictions up to 2030!

What Cars Are We Talking About?

This report covers many types of passenger cars, including:

Gasoline engine cars (various sizes)
Diesel engine cars (various sizes)
Motor caravans (different engines and sizes)
Other passenger vehicles

(See the original document for specific product codes for each type)

Which Countries Are Included?

(This section intentionally left blank as country coverage was not provided in the original text and would require external knowledge to list accurately. You would list the countries covered in the report here.)

What’s in the Data?

Expect to find information on: