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Plugged In: BYDs Wang Chuanfu Explains How Chinas No. 1 EV Maker Caught Up With Tesla

This story is part of Forbes coverage of Chinas Richest 2022. See the full list here.

BYDs Success Puts Him No. 11 On Chinas 100 Richest With $17.7 Billion Fortune.

The Chinese billionaire whose BYD just usurped Tesla as the worlds biggest seller of electric cars has some advice for entrepreneurs. Do more and talk less, says Wang Chuanfu, chairman of BYD, China largest EV maker in an exclusive interview by email.

His Shenzhen-based company outpaced its U.S. rival in the first half of 2022, selling some 641,000 electric and hybrid plug-in models, versus Teslas 564,000. This marked a fourfold increase in BYDs year-earlier sales, despite industry disruption from Covid-19 related lockdowns in Shanghai.

Behind its pole position is a portfolio of innovative tech, says Wang: [BYD] has mastered the core technologies of the whole industrial chain of new energy vehicles, such as batteries, motors and electronic controls.

That list also includes semiconductorsBYDs chipmaking arm, BYD Semiconductor, specializes in making the chips used in EVs, which has allowed the firm to get around shortages that disrupted sales of other EV makers. In a global EV market projected to reach $824 billion by 2030 (at a CAGR of 18%), according to Portland-based Allied Market Research, vertical integration is giving BYD long-term staying power while smaller rivals that arent yet vertically integrated will be driven out, says Bill Russo, CEO of investment advisory firm Automobility in Shanghai.

In the first nine months of the year, BYDs net profit nearly quadrupled to a record $1.3 billion year-on-year, fueled by new EV sales that soared 250% to 1.2 million over that period. Its market cap is around $100 billion, though short of Tesla, rivals the combined market values of U.S. incumbents Ford Motor and General Motors; and its given Wang a net worth of $17.7 billion and the No. 11 rank on Chinas 100 Richest list. Besides Wang, BYD has generated two other billionaires. Wangs cofounder and cousin Lu Xiangyang, a non-executive director at BYD, who ranks No. 18 with a fortune worth $12.7 billion, and director Xia Zuoquan, though he missed the minimum for the list.

Already a household name in China, where BYD makes up almost 70% of sales, Wangs pursuing a more aggressive global push. In Asia, the 56-year-old recently launched new EV models in Japan, Thailand and India, and plans to build factories in the latter two to increase capacity. In October, BYD introduced three electric models at the Paris Auto Show, part of bigger plans for Europe. The company, which has over 30 production bases worldwide, said it expects to sell at least 1.5 million EVs this year, with a reported goal of 4 million in 2023.

With know-how in hand, strategy becomes the direction of enterprise success, Wang says. First, technology serves strategy, and secondly, it serves products. Technology can make enterprise strategy more precise, and it can also make enterprises look higher, farther and deeper. The cost of the wrong strategy is often underestimated, he adds. If a vehicle model breaks down, it may only cost several hundred million yuan, but if the strategic direction goes wrong, it may take three to five years, and time cannot be bought with money. One combination of technology and strategy success at BYD has been the development of what it calls a blade battery, a cobalt-free alternative to other rechargeable lithium-ion batteries that are said to be safer and more stable. BYD not only installs the batteries in its own cars; it sells them to other automakers, reportedly including Tesla.

Another part of its strategy is to make models that are more affordable than its competitors. Chinese EV makers Nio and XPeng target the luxury market with cars with higher prices to match. The majority of BYDs lineup sells for between $13,200 and $46,700. Meanwhile Tesla models started at around $50,000 before recent reported price cuts. BYD also has a depth of experience operating in the competitive China market, and made its first move overseas nearly a decade ago with an electric bus factory in California.

They have had some tough customers which helped them build up thick skin and that book of lessons learned, says Tu Le, founder of Sino Auto Insights, a consultancy that follows Chinas auto industry.

Wang grew up in one of the countrys poorest provinces. He left his village home to get bachelors degree, and then a masters, in battery technology, and worked as a vice supervisor at Beijing Nonferrous Research Institute. When he was in his 20s, Wang moved south to China entrepreneurial hotbed Shenzhen, and with cousin Xiangyang in 1995 started a mobile-phone battery maker called BYDan acronym for Build Your Dreamssupplying the likes of Dell. He expanded to cars in 2003 with the purchase of a small firm called Tsinchuan Automobile.

But it was an investment from the Oracle of Omaha that really put BYD on the global investment map. Warren Buffetts Berkshire Hathaway in 2007 bought a 10% stake at HK$8 a share (now a roughly 7% stake worth more than $5 billion) as it looked to get in on growing demand for cars in China. Despite BYDs success, Wang has kept a low profile, generally shunning the limelight.

One must disrupt your own technology before others do it for you.

Evolving customer demands in the EV market may favor Chinas EV makers, especially BYD, which HSBC in a recent research note projected would see revenue triple to 699 billion yuan in 2024 from 216 billion yuan in 2021. Besides the growing market for EVsat the end of 2021, there were 16.5 million electric cars on the road, a number expected to grow to 300 million by 2030, with EVs making up 60% of new car sales, the IEA saysthe EV industry is shifting to a future where cars charge up like mobile phones. Chinese companies who already have jumped on the trend as a way to leapfrog over existing Western firms are now ahead of the pack, says Automobilitys Russo. China, the worlds largest EV maker and the largest auto market, also leads the world in making batteries that power EVs.

Wang emphasizes that one must disrupt your own technology before others do it for you. To have the innovative consciousness of being the first, we need to constantly explore unknown fields and move forward firmly, Wang says. And that process isnt easy. BYD devoted itself to studying new energy technologies, [overcame] bottlenecks, and encountered many difficulties, he says. Perseverance is an important part of entrepreneurship.

Thats handy for bumps in the road. The company had to pause delivery of its BYD ATTO 3 in Australia over a child seat compliance issue in October. Meanwhile, BYD was among listed EV makers caught up in recent economic and political uncertainty. Their stocks plunged after President Xi Jinping gained an unprecedented third term during Chinas 20th Party Congress (BYD shares have since recovered). Under Xis leadership, tech companies have faced tighter regulations, with further curbs expected.

Success in a rapidly changing industry means flexible and efficient decision-making. Wang says. At present, the speed of market changes and technology iterations is getting faster and faster, and the response speed of enterprises to the market must keep up with the changes of the times. If enterprises make slow decisions, it will be difficult to succeed.

See related posts:

Chinas 100 Richest See Record Plunge In Wealth Down 39% To $907.1 Billion

Nongfu Springs Zhong Shanshan Keeps No. 1 On List Of Chinas Richest

@rflannerychina

List of Top EV Charging Solution Providers in India

Get access to EVreporters exclusive list of 65 companies manufacturing EV Chargers in India

EVSE Manufacturers, Charging Solution Providers, Charging Network Providers in India

EVSE stands for Electric Vehicle Supply Equipment, and CPO stands for Charge Point Operator.

Delta Electronics India

EVSE Manufacturers (OEM)

Offerings EV charging equipment including:

AC charger Type-1, Type-2, Type-2 Socket | Power Output 3.12 kW to 22 kW

DC charger CCS, CHAdeMO, DC001| Power Output 15 kW to 150kW

Site Management System for parking lots, workplaces, fleet and residential buildings, etc.

Notable Projects Launched Mumbais first DC Fast-Charger at Maharashtra Mantralaya. Partnership with MG Motors and EV Motors to enable EV Charging Infrastructure. Delta Electronics India with CPO partner, Charge+Zone has facilitated Ahmedabad Municipal Transport Service by providing a fleet of 150 kW DC fast chargers

Servotech Power Systems

EVSE Manufacturers (OEM)

Offerings EV Charging Equipment including both AC Chargers and DC Chargers.

Servotech has supplied 4000 EV Chargers across India (as of Jan 2024).

The company bagged an order of 1800 DC Fast EV ChargersfromBharat Petroleum Corporation Limited. The project, valued at INR 120 Crores, will involve Servotech manufacturing and deploying these chargers across the nation, particularly at BPCL petrol pumps in major cities, as part of the BPCL E-drive Project. The project encompasses two charger variants,60 kW and 120 kW,and Servotech aims tocomplete it by the end of 2024. The company had also bagged an order to supply and install 2649 AC EV chargers across the country for BPCLs E-drive project, which is expected to be completed by March 2024.

Quench Chargers

EVSE Manufacturers (OEM)

Offerings EV Charging Equipment:

DC Charger CCS, CHAdeMO | Power Output 30kW to 240kW

AC Charger Type 2 | Power Output 7.5kW to 22kW

Quench chargers are designed to charge electric cars and buses to global standards.

Notable Projects Quench was proud to be a part of the India pavilion at the Dubai Expo 2022, Charging the switch mobility innovation bus. To date, Quench has had more than 80,000 charging sessions across various regions ranging from Jammu & Kashmir to Kerala.

Mass-Tech

EVSE Manufacturers (OEM)

Offerings EV charging equipment including:

AC charger Type-2 | Power Output 2 kW to 43 kW

DC charger GB/T, CCS, CHAdeMO| Power Output 10 kW to 200 kW

Notable Projects Panasonic Life Solutions India Ltd., Mass-Tech will be providing advanced 240KW chargers to PMI Electro Mobility Solution Pvt. Ltd./ Photon, China, who are gearing up to supply 1000 e buses to 18 cities across India. Mass-Tech Controls has bagged a order of 200 nos of 240 KW DC Chargers, for charging of Electric Vehicles, to be installed in cities across India.

Completed Charging Station projects with TATA motors in Mumbai for DC Fast Charging station. Clients include Force, Eicher, Volvo, Mahindra.

ABB India

EVSE Manufacturers (OEM)

Offerings EV charging equipment including:

AC charger Type-1, Type-2, Type-2 Socket | Power Output 3 kW to 22 kW

DC charger CCS, CHAdeMO| Power Output 11 kW to 350 kW+

EVSE for heavy commercial vehicles including buses and trucks, off-road vehicles including electric boats. Also provides Smart monitoring, predictive maintenance, and integrated payment gateways for Charge Point Operators.

Notable Projects ABB India partners with Audi India to provide charging solutions. Installed Terra 53 Fast Charger Station At NITI Aayog office in Feb 2018. Installed its first public DC fast charger in New Delhi with EV Motors India, the major charge point operator for BSES Yamuna Power Limited.

Exicom

EVSE Manufacturers (OEM)

Offerings EV charging equipment including:

AC charger SBS-75X, Type-2 | Power Output 1.1 kW to 22 kW

DC charger GB/T, CCS, CHAdeMO| Power Output 15 kW to 200 kW

Notable Projects Signed MoU with BHEL for EV charging infrastructure. Opened charging station at New Delhis Rafi Marg EV Charging Plaza, with combo chargers with 3 connectors/guns for e-buses and electric 4 Wheelers. In 2018, Exicom won the NTPC tender for setting up DC charging infrastructure for e-buses in Jabalpur, comprising of 120kW and 50kW CCS chargers. Setup Bharat AC and DC chargers for Tata Tigor and Mahindra e-Verito cars procured by EESL.

Amara Raja

EVSE Manufacturer (OEM)

Offerings EV charging equipment including:

AC charger Type-2, IEC 60309 | Power Output 3.3 kW to 22 kW

DC charger CCS, CHAdeMO| Power Output 30 kW to 350 kW

Off board AC charger for 2W, 3W

Battery swapping station for battery ratings from 1.5kWHr to 3kWHr with 4 to 20 channel variants

RIOD Logic

EVSE Manufacturers (OEM)

Offerings The company is based out of Kochi, Kerala. Develops AC Chargers from 3.3 kW to 22 kW both Single gun and dual gun systems. Provided more than 200+ devices and also integrated the devices with multiple CMS.Planning to roll out our DC charging unit in mid-2023.

AC Chargers 3.3 kW | 7.4 kW | 22 kW, both commercial (OCPP 1.6) and home models available.

Also Read: Understanding OCPP and its significance for EV Charging

P2 Power Solutions

EVSE Manufacturers (OEM)

Offerings EV charging equipment including:

AC charger Type-2, IEC 60309 | Power Output 3 kW to 22 kW

DC charger GB/T, CCS, CHAdeMO| Power Output 15 kW to 200 kW

Combo chargers upto 142kW with Single Connector, Dual Connector or 3 Connectors.

Griden Power

EVSE Manufacturers (OEM)

Offerings EV charging equipment and solutions including:

AC charger AC001, Type-2 | Power Output 3.3 kW to 22 kW

DC charger CCS, CHAdeMO, DC001| Power Output 30 kW to 120kW

Notable Projects: Supplied 100+ chargers spread across primary locations in Gujarat, Tamil Nadu, Karnataka, Delhi, West Bengal, Orissa, and Maharashtra.

Key clientele: IOCL, Vedanta and more

Related: What is a Charging Network?

Fortum India

CPO with end to end charging solution

Offerings Solutions and services for EV charging for utilities, CPOs, EMPs, OEMs, as well as workplace charging and fleet management. Charging stations providing charging services over Fortums Charge & Drive platform.

Notable Projects Fortum Charge & Drive India set up the first 50 kW public fast-charging station in MG Motor Indias Gurugram showroom at 32nd Milestone.11DC rapid CCS/CHAdeMO chargers spread across primary locations, in cities like Delhi, Gurgaon, Noida, Mumbai, Pune, Bangalore, Hyderabad and Ahmedabad. DC001 charging pointsspread across 38prime locationsin Hyderabad.

Partnership with MG toinstall 50-kilowatt fast-charging stations across showrooms in Delhi NCR, Hyderabad, Mumbai, Bengaluru and Ahmedabad.

TATA Power

Charge Point Operator

Offerings End-to-end customized solutions offerings Backend Power Infrastructure, EV Chargers of different charging standards, Charger Installation, Annual Maintenance, Charger Management Software Platform Subscription, and Mobile App.

Notable Projects Tata Power has joined hands with HPCL to set up EV charging stations at its Petrol Pumps across the country. Partnered with Tata Motors to set up 300 fast-charging stations across Mumbai, Pune, Delhi, Bangalore and Hyderabad.

Okaya Power Group

OEM and CPO. End to End charging solution provider

Okaya Power Group, has a strategic partnership with Prakriti E-Mobility, a fleet operators of electric 4W vehicles with aim to provide well-laid out electrical vehicle charging stations for their fleet operations.Won a contract to set up 4,244 EV charging stations from state-run REIL funded by the DHI. In 2019, REIL had given a contract to Okaya for supply, installation and commissioning of over 200 multi standard EV chargers in all metro cities.

Volttic Parent Company Tvesas

Charge Point Operator. End-to-end charging solutions

Offerings EV Charging Service provider helps with the installation of AC-001, DC-001 and DC Fast Chargers. Offers Charging Station Solutions for home, cities and highways, including CMS and end-user mobile apps.

Zeon Charging

Charge Point Operator. Installed DC fast chargers on highways connecting Bengaluru, Central/ Western Tamil Nadu and Kerala

Charge+Zone

CPO. Provides end-to-end EV charging solutions and battery swapping solutions

Vadodara-based start-up founded in 2018. As of March 2023, CHARGE+ZONE has more than 3,000+ charging points across more than 1,500 EV charging stations in operations or construction in 37 Indian cities said a company statement.

Offerings Customised and turn-key EV charging solutions. They have deployed EV Charging stations for electric buses, cars and two-wheelers and swapping stations for electric 3Ws.

Numocity

Central Management System (CMS) provider

Offerings Numocity offers EV Charging solutions to Charge Point Operators with a Central Management System. Solutions for r operating and monetizing the charging infrastructure or battery swapping operations over the cloud.

Earthtron EV

Charge Point Operator

Offers franchise opportunities in the EV Charging segment.

Magenta Group

Charge Point Operator (CPO) with end to end charging solution

Offerings ChargeGrid series of EV charging stations. Flare an EV charger integrated with a streetlamp.

Notable Projects Magenta set up Indias largest public EV charging station in Navi Mumbai in 2021.

PlugNGo (EV Motors)

Charge Point Operator

Offerings EV Motors India (under the brand of PlugNgo) provides charging network installation services for public EV charging, along with a complete solution for the management of the charging operations. EV Motors India and Hero Electric announced a partnership to support adoption of EVs for last mile delivery operations and offer advanced battery solutions and charging infrastructure integrated with Hero Electric.

EVRE

OEM, Charge Point Operator

Offerings Manufacturing, installation, and maintenance of EV chargers and charging stations.

Based out of Hyderabad and Bengaluru, EVRE engineers electric vehicle charging solutions for infrastructure developers, people transport, last mile, and logistic fleet operators in India. EVRE has setup multiple charging hubs across key metropolitan cities in India. Clients include Lodha Group, Hiranandani Group, Manyata Tech, Mahindra Glyd and Meru. EVREhas also partnered with fleet operator MoEVing to add 1000+ EV charging stations across India.

Statiq

Charge Point Operator

Provides end to end charging solutions. Claims to have installed over 150 charging staions in Delhi, Bangalore and Mumbai. Installed 2 EV Chargers in Himachal Pradesh for Delhi to Dharamshala and Delhi to Shimla Travellers and one in Bhainsi, Uttar Pradesh with close proximity to Food and Beverage setups.

VerdeMobility

EVSE Manufacturer (OEM)

A division of of System Level Solutions. Offerings EV charging equipment including:

AC charger Type-2, IEC 60309 | Power Output 3.3 kW to 22 kW

OCPP Controller, Charge controller for single and three phase. Also provides CMS support and Mobile app

goEgo network

EVSE Manufacturer (OEM) and Charge Point Operator witha presence in four states, namely Maharashtra, Tamil Nadu, Telanganaand Karnataka

In-house design and development of AC chargers Type-2 and AC001

LUBI EV Solutions

EVSE manufacturer (OEM)

EVSE arm of Lubi Industries LLP, i.e. an Indian manufacturing company with offerings across embedded and power electronics, solar energy, industrial automation, pumping systems, and electric motors.

Offerings EV charging equipment including:

AC charger AC-001, Type-2 | Power Output 3.3 kW to 42 kW

DC charger DC-001, CCS 2, CHAdeMO| Power Output 15 kW to 240 kW

PortableBattery Chargers, Combo chargers (CCS+CHAdeMo+AC Type 2)

Chhabi Electricals

EVSE Manufacturers (OEM)

Offerings EV charging equipment including:

AC charger Type 2, IEC 60309 | Power Output 3.3 kW to 22 kW

DC charger CCS, CHAdeMO | Power Output 30 kW to 240 kW

Offboard AC charger for 2W, 3W

BrightBlu

EVSE Manufacturer (OEM) and CPO

Offerings AC Type 2 Charger (3.7 kW to 7 kW) and charging management software. The entity was formed in Aug 2019 from the merger of Asia Electric, an EV charging solutions company and DrivAMP, a smart charging technology provider. Amsterdam and Mumbai-based addikt has partnered with BrightBlu for communications, branding, identity design and mobile app.

Incredible Engineering

EVSE Manufacturer (OEM)

Offerings

EV Charging Equipment including AC Chargers Type 2 AC | Power Output 3 kW to 22 kW | Single / Dual Connector

IEC 60309 | Power Output 3.3 kW to 7 kW | Single / Multi Connector

DC Chargers CCS2 | Power Output 30 kW to 60 kW | Single / Dual Connector

ChargeMOD

EVSE Manufacturer (OEM) and CPO

Offerings AC Type 2 charger | Power Output 22 kW

Portable wall charger, charging cables and portable charging extensions

The start-up also offers provides a solution for EV charging at workplace, complete with an app for the end users and a charging management system. Plans to install 250 AC Charging Points throughout Kerala as part of the community charging initiatives.

Evotpoint

Charging network, CPO

Headquartered at Sanpada Navi Mumbai, Evotpoint provides franchise modelfor setting up Electric vehicle charging stations. Also provides solution for EV charging station at residential and commercial spaces.Working on setting up EV charging stations at Mumbai Pune, Mumbai- Nashik highways, and shared parking charging station at Navi Mumbai and Mumbai locations.

Tirex

EVSE manufacturer (OEM)

GO EC

Charge Point Operator

Offerings:

AC Chargers: 3.3 kW, 7.2 kW, 22kWDC Chargers: 25 kW, 30 kW, 60, kW, 120 kW, 180 kW

EV Charging Service provider helps with the installation of AC and DC Fast Chargers. Offers Charging Station Solutions for home, malls and highways, including CMS and end-user mobile apps.

Notable Projects : GO EC manages and runs the EV charging station placed at LULU International mall, Trivandrum , which is one of the largest mall in south India.

Uznaka Solutions Private Limited

CPO

Offerings Bharat AC-001 and Type 2 AC charging stations.

Established in March 2018, Uznaka Solutions is headquartered in Noida. Uznaka also manufactures on-board and off-board chargers for e-2W and 3W. They have so far deployed private charging stations at 6 locations since December 2019 spanning Uttar Pradesh, NCR and Haryana.Associated with East Central Railway for deployment of first EV Charging station for Indian Railways.

AARGO EV SMART

Charge Point Operator

System integrator with ABB Chargers. A division of AAR POWER SOLUTION. Claims more than 150 charger installations across India. Installed Type 2 AC chargers at IOCL pumps in MP, Karnataka and Rajasthan as well as dealerships of Audi.

EVQpoint

Offerings

AC Charger Type 2, IEC 60309 | Power Output 3.3 kW to 22 kW

Portable AC charger 3.3 kW

Battery swapping stations 1.5 kW to 10 kW

Minda Corporation has acquired 26% equity stake in EVQPOINT Solutions.

AEIDTH Technologies

Offerings Bharat AC001 Charger, Type 2 AC Charger | 3 kW to 22 kW

Smart Battery Management System IoT Enabled

Provides Electric vehicle chargers and charging stations with SaaS CMS & Mobile app support. Claims to have installed 95+ chargers in 10+ cities.

Zevpoint

Offerings AC Type 2 charger 22 kW. Provides Installation services, charging cable, connectors and sockets. Claims to have installed 60+ chargers in Mumbai and Delhi.

For information on the latest charging guidelines by the government, visit Charging Guidelines.

For information on key players in Battery Swapping Solution, visit Battery Swapping A Pragmatic Complement to EV Charging.

Cover Image Source: PlugNGo

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