Wang Chuanfu has never been accused of thinking small. The BYD chairman told shareholders at the company’s 2025 annual general meeting that he expects BYD to become the world’s largest automaker by scale within five years, targeting roughly 2031 for the milestone.
For context, that would mean overtaking Toyota, a company that has held the global sales crown for the better part of two decades. BYD isn’t exactly starting from the parking lot, though. The Shenzhen-based manufacturer has been the world’s largest seller of plug-in electric vehicles since 2024, when it moved approximately 4.3 million passenger vehicles.
A pattern of audacious targets
Back in 2008, Wang Chuanfu publicly set a goal for BYD to lead China’s automotive market by 2015 and achieve global leadership by 2025. The China target came late. The global leadership target, at least in the EV-specific category, arrived roughly on time.
The company’s 2025 projections tell a story of continued momentum. BYD is expected to sell around 4.6 million passenger vehicles globally this year, up from the 4.3 million it moved in 2024. That’s growth of about 7% year-over-year.
