Wang Chuanfu, chairman of BYD, on Tuesday said he expected the Chinese firm to become the world’s largest car maker within five years, as he sought to reassure investors following a steep decline in the company’s share price.

BYD, which ranked sixth globally in 2025 with 4.6 million vehicles sold, has struggled to restore growth after its domestic sales were hit by intensified competition with local peers over the past year. Shares of the company have dropped more than 45% from their peak in Hong Kong over the past year, while its Shenzhen-listed stock has fallen 33%.

Speaking at the company’s annual shareholder meeting at its Shenzhen headquarters, Wang addressed nearly a thousand shareholders, emphasising a focus on ramping up the output of its second-generation Blade Battery, which he identified as this year’s key growth bottleneck, according to the state-owned Shanghai Securities News. The report was confirmed by an attendee at the meeting.

“BYD will truly become the number one automaker globally in terms of scale in five years,” Wang said, highlighting the firm’s strong exports and technological advancements, including improvements in battery and fast-charging technologies that he believes will drive growth at home and abroad.

On Wednesday, BYD confirmed that Wang said he wants the company to be the world’s number one car maker, but didn’t respond to additional questions about other details discussed at the meeting.

Challenging Toyota

To achieve that goal, the firm would need to overtake Toyota, which sold more than twice as many vehicles as BYD in 2025. Toyota has seen its overseas market share erode in regions like Southeast Asia and the Middle East, where Chinese car makers have recorded significant growth this year, according to data from the China Passenger Car Association.

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BYD’s exports between January and May grew 65% from a year earlier, with Brazil, the UK and Australia ranking as its largest markets, aided by relatively low trade barriers.