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Electric cars in China

BYD seeks to beat Volkswagen as China's top automaker: chairman

Wang Chuanfu thanks Warren Buffett for longtime support despite recent sell-off

Wang Chuanfu, the founder and chairman of BYD, says the company seeks to become the top automobile brand in China this year. (Photo by Yusuke Hinata) 

HONG KONG -- The founder and chairman of BYD, China's fastest-growing electric vehicle maker, expects the price war in the automaker's home market to wipe out many competitors, while his company seeks to grab the crown as the country's top car brand from Volkswagen this year.

"In 2022, the Chinese new energy vehicle market was in a state of inadequate supply over demand, but it has entered into a war of elimination in 2023," Wang Chuanfu told reporters on Wednesday during his first face-to-face annual earnings press conference since the start of the COVID pandemic. New energy vehicles (NEV) include pure electric autos and plug-in hybrids.

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