Wang Chuanfu

Wang was born in Wuwei County, Anhui, into a poor farming family with eight children. After the death of his parents, he was raised by his elder brother and sister while attending high school.{{cite news |first=Marc |last=Gunther |title=Warren Buffett takes charge |url=https://money.cnn.com/2009/04/13/technology/gunther_electric.fortune/index.htm |publisher=Fortune After |date=2009-04-13 |accessdate=2009-04-13 |archive-date=2009-04-14 |archive-url=https://web.archive.org/web/20090414174301/http://money.cnn.com/2009/04/13/technology/gunther_electric.fortune/index.htm |url-status=live }}

After graduating high school, he studied metallurgical physical chemistry at the then Central South Industrial University (nowadays the Central South University) and graduated in 1987.{{cite web | title=中国首富王传福长沙4年笑与泪 毕业于中南大学-中南大学新闻网门户网站 | website=中南大学新闻网门户网站 | url=https://news.csu.edu.cn/info/1062/67195.htm | language=zh | access-date=2024-05-06}} He went on to earn a master's degree in 1990 from the Beijing Non-Ferrous Metal General Research Institute (now GRINM Group).{{cite news |title=The Stars of Asia: Wang Chuanfu |url=http://www.businessweek.com/magazine/content/03_23/b3836610.htm |archive-url=https://web.archive.org/web/20030619043936/http://businessweek.com/magazine/content/03_23/b3836610.htm |url-status=dead |archive-date=June 19, 2003 |publisher=BusinessWeek |date=2003-06-09 |accessdate=2009-04-13}}

File:Wang Chuanfu early BYD employee card.png

In 1993, the Beijing Non-Ferrous Metal General Research Institute established a battery company called BAK Battery Co., Ltd. in Shenzhen. Given Wang's academic background in related research fields, he was appointed as the general manager. During his tenure, he gained experience in business management and battery manufacturing.{{Cite web |title=传奇的缔造者 ——记比亚迪董事局主席兼总裁王传福-中南大学教育基金会 |url=https://csuef.csu.edu.cn/info/1035/1063.htm |access-date=2025-04-05 |website=csuef.csu.edu.cn}}

Seeing a market opportunity in mobile phones and anticipating industry shifts as Japan phased out nickel-cadmium batteries, Wang Chuanfu chose to leave BAK Battery in 1995 and founded his own company, BYD Company, outside of Shenzhen. At 29 years old, he founded the company with his cousin Lu Xiangyang that lend him CN¥250,000.{{cite web|url=http://www.cnn.com/2009/WORLD/asiapcf/04/20/byd.wangchuanfu/index.html|title=Wang Chuanfu: Building electric dreams in China|date=2009-09-29|publisher=CNN|accessdate=2009-09-29|archive-date=2009-08-28|archive-url=https://web.archive.org/web/20090828130750/http://www.cnn.com/2009/WORLD/asiapcf/04/20/byd.wangchuanfu/index.html|url-status=live}}

In September 2008, Warren Buffett's Berkshire Hathaway Inc through MidAmerican Energy Holdings, invested about US$230 million for a 9.89%[http://www.bydit.com/doce/news/2009521163845.shtml Car Designer Sees China’s Wheels Electric-powered]{{Dead link|date=June 2019|bot=InternetArchiveBot|fix-attempted=yes}} BYD Press Release, 12 May 2009 share of BYD at HK$8/share.{{cite news |last1=Chiu |first1=Joanne |last2=Leung |first2=Alison |date=29 September 2008 |title=Buffett's BYD endorsement sends shares soaring |url=https://www.reuters.com/article/innovationNews/idUSTRE48S19B20080929 |url-status=live |archive-url=https://web.archive.org/web/20090207143839/http://www.reuters.com/article/innovationNews/idUSTRE48S19B20080929 |archive-date=7 February 2009 |access-date=3 May 2009 |work=Reuters}} Buffett credited this investment to Charlie Munger, Berkshire's vice chairman who saw the potential in the company.{{Cite news |date=2024-06-17 |title=Berkshire Hathaway sells $39.8 mln of shares in China's BYD |url=https://economictimes.indiatimes.com/markets/stocks/news/berkshire-hathaway-sells-39-8-mln-of-shares-in-chinas-byd/articleshow/111061861.cms?from=mdr |url-status=live |archive-url=https://web.archive.org/web/20240729014021/https://economictimes.indiatimes.com/markets/stocks/news/berkshire-hathaway-sells-39-8-mln-of-shares-in-chinas-byd/articleshow/111061861.cms?from=mdr |archive-date=29 July 2024 |access-date=2024-06-23 |work=The Economic Times |issn=0013-0389}} Munger credited Li Lu, founder of Seattle-based asset manager Himalaya Capital, for introducing him to BYD and Wang. Munger spoke admiringly of Wang, saying that he came from a poor family but rose through hard work and talent.{{Cite web |date=2024-07-01 |title=Warren Buffett’s Berkshire Hathaway is taking profits from the company, which Munger called “a goddamn miracle.” |url=https://www.varchev.com/en/warren-buffetts-berkshire-hathaway-is-taking-profits-from-the-company-which-munger-called-a-goddamn-miracle/ |access-date=2025-04-06 |website=www.varchev.com |language=en}} Munger also called Wang a "genius" and a "workaholic".{{Cite web |last=Li |first=Yun |date=2023-02-15 |title=Charlie Munger says BYD is so far ahead of Tesla in China 'it's almost ridiculous' |url=https://www.cnbc.com/2023/02/15/charlie-munger-says-byd-is-far-ahead-of-tesla-in-china.html |access-date=2025-04-06 |website=CNBC |language=en}}

In early 2009, he was reportedly worth US$3.4 billion, placing him 408th on Hurun Report's Global Rich List 2014.{{cite web|title=Wang Chuanfu|url=http://www.hurun.net/EN/HuList.aspx?nid=26|publisher=Hurun|accessdate=2009-04-13|archive-date=2017-05-14|archive-url=https://web.archive.org/web/20170514231017/http://www.hurun.net/en/HuList.aspx?nid=26|url-status=live}} In late 2009, his net worth grew to $5.1 billion and was crowned China's richest man on the Hurun Report. This was due largely to a five-fold increase in his company's value after Berkshire Hathaway bought 225 million new shares of BYD in 2008.{{cite web|url=https://www.bloomberg.com/apps/news?pid=20601080&sid=aJ2CNtienA9g|title=BYD's Wang Chuanfu Tops China Rich List After Buffett Backing|date=2009-09-29|publisher=Bloomberg|accessdate=2009-09-29}}

In 2008, Wang Chuanfu set a goal for BYD to become the leader in the Chinese automotive market by 2015, and to become the largest car manufacturer globally by 2025.{{Cite web |date=2008-12-18 |title=王传福："两个第一"的目标不是凭空捏造-搜狐汽车 |trans-title=Wang Chuanfu: The goals of "two firsts" are not fabricated out of thin air |url=https://auto.sohu.com/20081218/n261286939.shtml |access-date=2024-04-24 |website=Auto Sohu}} He stated that electric vehicles would serve as BYD's "stepping stone" to skip the development of internal combustion engine vehicles and facilitate the company's entry into international markets.{{Cite web |date=2008-10-20 |title=王传福：比亚迪将直接跨越到电动汽车-搜狐汽车 |trans-title=Wang Chuanfu: BYD will leap directly to electric vehicles |url=https://auto.sohu.com/20081020/n260123623.shtml |access-date=2024-04-24 |website=Auto Sohu}}

Around 2017 and 2019, BYD was heavily impacted by a reduction in electric vehicle government subsidies.{{Cite web |last=Kawase |first=Kenji |date=2019-04-24 |title=For some Chinese companies, generous state subsidies make up for losses |url=https://asia.nikkei.com/Spotlight/Cover-Story/For-some-Chinese-companies-generous-state-subsidies-make-up-for-losses |access-date=2024-02-06 |website=Nikkei Asian Review}}{{Cite web |last=Huang |first=Echo |date=2018-08-29 |title=The worst is not yet over for BYD |url=https://qz.com/1368687/the-worst-is-not-yet-over-for-byds-earnings/ |access-date=2024-02-06 |website=Quartz}}{{Cite web |last=Huang |first=Echo |date=2019-08-07 |title=Beijing's subsidy cut is starting to hurt China's largest electric car company |url=https://qz.com/1683042/beijings-subsidy-cut-is-starting-to-its-largest-evE-maker-byd/ |access-date=2024-02-06 |website=Quartz}} This led to a significant slowdown in sales volume and market share, with sharp decline in net profit over three consecutive years. Wang recalled that this was the company's "darkest moment", and at that time, the company's primary goal was merely "to survive".{{Cite web |date=2023-09-08 |title=回顾创业艰辛几度哽咽，比亚迪王传福："真的差点就走不下去了" |trans-title=Looking back on the hardships of starting a business, he choked up several times. BYD Wang Chuanfu said: "I almost couldn't go on." |url=https://m.yicai.com/news/101831534.html |access-date=2023-12-13 |website=m.yicai.com}}

In November 2021, Forbes reported that Wang's wealth had increased to $23.5 billion, making him the 14th richest person in China, this was due to a two-fold increase in BYD's share price over the previous year.{{Cite web|last=Flannery|first=Russell|title=Stock, Sales Surge Lifts Wealth Of China EV Maker BYD's CEO|url=https://www.forbes.com/sites/russellflannery/2021/11/03/stock-sales-surge-lifts-wealth-of-china-ev-maker-byds-ceo/|access-date=2021-11-08|website=Forbes|language=en|archive-date=2021-11-07|archive-url=https://web.archive.org/web/20211107103929/https://www.forbes.com/sites/russellflannery/2021/11/03/stock-sales-surge-lifts-wealth-of-china-ev-maker-byds-ceo/|url-status=live}}

Wang claims to spend 60-70% of his time on technology and product development.{{Cite web |date=2024-02-08 |title=Wang Chuanfu: A Name Everyone in the West Should Know |url=https://interconnected.blog/wang-chuanfu-a-name-everyone-in-the-west-should-know/ |access-date=2025-04-05 |website=Interconnected |language=en}} He often implements minor design changes to bypass existing patents. He once remarked that patents are static, stating, "In developing a new product, 60% comes from existing literature, 30% from sample analysis, and another 5% from raw materials and other external factors. Our own original research accounts for only about 5%."{{Cite web |last=sina_mobile |date=2021-01-28 |title=老婆、表哥齐套现 6000亿比亚迪麻烦大了 |url=https://finance.sina.cn/2021-01-29/detail-ikftssap1572963.d.html |access-date=2025-04-05 |website=finance.sina.cn}}

Wang is a member of the Chinese Communist Party.{{Cite web |last=He |first=Laura |date=2020-07-17 |title=A US travel ban would bar China's top billionaire entrepreneurs from America |url=https://www.cnn.com/2020/07/17/business/us-travel-ban-chinese-entrepreneurs-intl-hnk/index.html |access-date=2024-01-25 |website=CNN |language=en |archive-date=2021-06-17 |archive-url=https://web.archive.org/web/20210617101422/https://www.cnn.com/2020/07/17/business/us-travel-ban-chinese-entrepreneurs-intl-hnk/index.html |url-status=live }}{{Cite news |last=Brendan |first=Scott |date=2017-03-07 |title=The Pomp and Politics of China's Annual Congress |url=https://www.bloomberg.com/news/features/2017-03-07/pomp-and-politics-china-s-annual-congress-in-photos |access-date=2024-01-25 |work=Bloomberg News |language=en |archive-date=2020-11-11 |archive-url=https://web.archive.org/web/20201111223429/https://www.bloomberg.com/news/features/2017-03-07/pomp-and-politics-china-s-annual-congress-in-photos |url-status=live }}

In February 2025, Wang was among tech sector leaders to meet with Xi Jinping at the Great Hall of the People.{{Cite news |date=17 February 2025 |title=China's Xi Holds Rare Meet with Business Leaders amid US Tech Rivalry |url=https://www.reuters.com/world/china/chinas-xi-attends-symposium-private-enterprises-delivers-speech-2025-02-17/ |work=Reuters}} Along with Ren Zhengfei and Lei Jun, Wang sat directly in front of Xi, in seats honoring their respective company's contributions as national champions.

Wang is married and lives in Shenzhen.{{cite web |title=Forbes profile: Wang Chuanfu |url=https://www.forbes.com/profile/wang-chuanfu/ |website=Forbes |accessdate=26 January 2021 |archive-date=27 October 2022 |archive-url=https://web.archive.org/web/20221027082549/https://www.forbes.com/profile/wang-chuanfu/ |url-status=live }}

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Category:1966 births

Category:Living people

Category:Chinese billionaires

Category:People from Wuwei, Anhui

Category:Businesspeople from Anhui

Category:Chemists from Anhui

Category:Chinese chief executives in the automobile industry

Category:BYD Company people

Category:21st-century Chinese businesspeople

Category:Chinese founders of automobile manufacturers

Category:Central South University alumni

Category:Automotive businesspeople