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Meet BYD Chief Wang Chuanfu, Who Charlie Munger Said Is 'Better At Actually Making Things' Than Tesla CEO Elon Musk

Published 02/01/2024, 12:05
Updated 02/01/2024, 13:10
© Reuters.  Meet BYD Chief Wang Chuanfu, Who Charlie Munger Said Is 'Better At Actually Making Things' Than Tesla CEO Elon Musk

Benzinga - by Ramakrishnan M, Benzinga Editor.

Wang Chuanfu, the 57-year-old billionaire founder and CEO of BYD Co. (OTC:BYDDY) (OTC:BYDDF), has steered the Chinese automaker onto the global stage, positioning it as a formidable contender poised to outpace even Tesla Inc (NASDAQ:TSLA) in fully electric vehicle sales.

Early Days

His roots in Wuwei shaped his resilience, facing the loss of his parents as a teenager and relying on support from older siblings for his education. His early career centered around mid-level government research in Beijing, focusing on rare-earth metals crucial to batteries and electronics.

Starting BYD

BYD’s initial venture into electric vehicles began in 2003 when it acquired a failing state-owned automaker and introduced its first plug-in hybrid in 2008.

Despite initial setbacks, Wang’s vision and the company’s position as a battery manufacturer uniquely positioned BYD to thrive as China began subsidizing plug-in car purchases.

Catching Buffett And Munger’s Eye

Warren Buffett Berkshire Hathaway Inc

Charlie Munger, the former Berkshire Vice Chairman who passed away last year, described Wang as a genius. "The guy at BYD is better at actually making things than Elon [Musk] is," he said in the podcast “Acquired” in an October 2023 episode, comparing Wang to the Tesla CEO.

China’s Musk?

But unlike Musk, Wang keeps a low profile, steering clear of social media. His focus on innovation and consumer needs has allowed BYD to offer a diverse range of affordable electric vehicles, challenging Tesla’s dominance.

The company’s success is attributed not just to government subsidies but also fierce competition with rivals such as Nio Inc (NYSE:NIO) and Xpeng Inc (NYSE:XPEV), pushing BYD to innovate and optimize costs.

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Wang’s 2023 global travels, engaging with auto shows, market launches, and state leaders, showcase BYD’s expanding footprint in over 60 countries. Analysts anticipate the launch of third-generation EVs next year, further solidifying BYD’s position.

Source: Bloomberg News

Image made via photos on Flickr and Shutterstock

Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

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