BYD, China's leading electric vehicle (EV) manufacturer, has declared its ability to succeed without access to the US market, as rising fuel prices and geopolitical tensions drive global demand for EVs.
Stella Li, BYD's executive vice president, told the BBC at the Beijing Auto Show that the company is thriving by focusing on markets in Asia, Europe, and South America. "We survive and are successful without the US market today," she said, highlighting that demand is outstripping supply.
"Consumers feel the daily savings when oil prices increase. EVs help them save money every day," Li added, noting that BYD is struggling to keep up with orders from regions including Brazil, the UK, and Europe.
The company, which overtook Tesla as the world's top EV seller last year, is betting on its new "flash charging" technology to overcome consumer concerns about charging speeds. Li described it as a "game-changer" that can add hundreds of kilometers of range in minutes.
At the Beijing Auto Show—now the largest automotive event globally—more than 1,400 vehicles were displayed, with Chinese manufacturers taking center stage. BYD's global expansion occurs against a backdrop of tariffs and regulatory scrutiny in the US, where concerns over subsidies and data security persist. However, Li emphasizes that BYD's strength lies beyond cars, producing smartphone components, batteries, solar panels, buses, and trucks.
Other Chinese firms showcased innovations like humanoid robots and flying cars, underscoring the rapid technological advancement in the country's auto industry. Foreign automakers such as Volkswagen, Toyota, and Ford are partnering with Chinese firms to keep pace, while intense domestic competition has led to price wars and shrinking margins. BYD's domestic sales have fallen for seven consecutive months, but European sales surged 156% in the first quarter of this year.
Li predicted consolidation in the industry, saying, "History suggests not all will survive."