In early April 2022, BYD Auto officially announced that, according to its strategic development needs, it will stop the production of fuel vehicles from March 2022. In the future, BYD will focus on pure electric and plug-in hybrid vehicles in the automotive sector. This marks that BYD has become the first car company in the world to officially announce the cessation of the production of fuel vehicles. BYD management hopes to sell at least 1.5 million new energy vehicles in the Chinese market this year, which would be more than double last year’s sales.
On May 30, Li Qian, secretary of BYD’s board of directors, answered the question of why BYD cut off fuel vehicles in the CCTV Finance “Financial Interview”. Li Qian explained that, on the one hand, because BYD is a global leader in new energy vehicles, BYD feels that it is time to concentrate on developing electric vehicles and lead the industry to leap to a new level. Li Qian said, “The second reason is that it is true that our electric vehicles are completely in short supply, and our production capacity is not enough. We need to free up the production capacity of fuel vehicles for electric vehicles, so cutting off fuel vehicles should be a very important strategic decision for the company. And it is very helpful to the company in the short, medium and long term.”