Original Wang Chuanfu: Chinese cars consume 70% of oil, and China’s development of electric vehicles is more urgent than any other country

Produced | Sohu School of Business

Edit | Liu Shijiao

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On June 9, the 21st Annual Meeting of the 2021 Yabuli China Entrepreneurs Forum was held in Yabuli, Heilongjiang. Wang Chuanfu, Chairman and President of BYD Co., Ltd. attended the meeting and delivered a speech.

Wang Chuanfu said that persistence is a very important characteristic of entrepreneurs, but persistence has many difficulties behind it. BYD has a green dream since its establishment, which is the responsibility and mission of the company. In 2008, BYD put forward three dreams: solar energy, energy storage, and electric vehicles.

“We made a vision film in 2008. After the film was shot, many people couldn’t understand it. Because in 2008, when we talked about electric vehicles and energy storage power stations, everyone was shaking their heads. When BYD entered electric vehicles, our stock price dropped. 40%, but we did not give up, we are still sticking to it. This is BYD’s vision and we have been sticking to it.”

Wang Chuanfu pointed out that 72% of China’s oil depends on imports, and 70% of the imported oil comes to us ashore through the South China Sea. Of all the oil in China, 70% is used for transportation a year, and our cars consume 70% of our oil in China. It can be seen from the three 70% that electric vehicles must be developed vigorously. China has more urgency to develop electric vehicles than any other country. Therefore, as an entrepreneur, we have no rights. We know that this is a responsibility, and we can only solve it with technical methods