Wang Chuanfu, chairman and president of BYD, received the 2026 Raobin Award for the automobile industry at the 33rd annual conference of the China Society of Automotive Engineers on October 28, according to PCauto. The award, named after Rao Bin, a founding figure of China's auto industry, is one of the highest honors in the Chinese automotive sector. Wang is the 11th recipient, joining previous winners such as Li Shufu of Geely, Wei Jianjun of GWM, Yin Tongyue of Chery, and Zhu Huarong of Changan.
In his acceptance speech, Wang reflected on BYD's three-decade journey from an outsider to a global leader in new-energy vehicles. "We have overcome countless difficulties, and at one point our capital chain nearly broke," he said. "My deepest realization is that no matter what difficulties we face, as long as the ideal is right and the direction is right, we must persist." He framed BYD's growth as a proof of China's capability in the new-energy sector, saying, "China's auto industry has moved from following to running alongside, and now leading in the new-energy track."
From battery maker to EV powerhouse
BYD was founded on November 18, 1994, in Shenzhen, starting with rechargeable batteries. It entered the lithium-ion battery industry in 1996, opened its first overseas subsidiary in the Netherlands in 1998, and listed on the Hong Kong Stock Exchange in 2002. In 2003, BYD acquired Xi'an Qinchuan Automobile, securing passenger-vehicle production qualifications and officially entering car manufacturing. At the time, the market was skeptical, with shares plunging and the prevailing view that a battery maker could not build good cars. Wang insisted that electric vehicles were a natural extension of the battery business.
BYD's first car, the F3, launched in 2005, became a best-seller by offering value in the fuel-car segment. In 2008, the F3DM debuted as the world's first commercially available plug-in hybrid that required no dedicated charging station, marking the start of BYD's DM hybrid technology. The company entered the new-energy bus and electric forklift sectors in 2009, and in 2010 formed a joint venture with Daimler to create Denza, one of China's earliest premium new-energy brands. The second-generation DM system arrived in 2013 with the Qin DM, launching the Dynasty series.
In 2020, BYD unveiled its Blade Battery, which does not catch fire when pierced, reshaping safety standards for lithium iron phosphate batteries. The Han EV, BYD's first flagship sedan, also launched that year, targeting the mid-to-high-end market. In 2021, BYD introduced the DM-i super hybrid technology and the e-platform 3.0 for pure electric vehicles, establishing the Dynasty and Ocean product lines, which led to a surge in sales.
Milestones and future outlook
BYD stopped producing fuel-only vehicles in 2022, introduced the CTB (cell-to-body) technology, and celebrated the production of its 3 millionth new-energy vehicle. In 2023, it launched the premium Yangwang brand with the Yi Sifang platform and the Yunian intelligent body control system, as well as the personalized Fangchengbao brand with the DMO super hybrid off-road platform. In 2024, BYD unveiled its vehicle intelligence strategy and the Xuanji architecture, released the fifth-generation DM technology, and reached the 10 millionth new-energy vehicle milestone. In 2025, it rolled out its intelligent driving strategy and the Super e-Platform, and hit 15 million new-energy vehicles produced.
In 2026, BYD introduced the second-generation Blade Battery and flash charging technology, and launched the Xuanji A3, a self-developed 4nm smart chip. The company also announced a one-year safety guarantee for urban NOA (city advanced driver assistance). As of the end of September 2026, BYD's cumulative global sales of new-energy vehicles reached approximately 18.26 million units, according to PCauto.
