Wang Chuanfu Reflects on 2003 Acquisition of Qinchuan Auto: Aimed at New Energy, Opposed by 80% of Investors

On January 23, 2003, BYD announced it would acquire a 77% stake in Xi’an Qinchuan Automobile Co., Ltd. for RMB 270 million. At the 2026 Yangwang Business Institute’s Thousand-People Summit, Wang Chuanfu, Chairman and President of BYD Group, stated that the core purpose of this acquisition was to develop new energy vehicles, adding that the company had already established its new energy strategy two decades ago. He recalled that on the day of the acquisition, the company’s stock price plummeted, and approximately 80% of investors expressed opposition—but management pressed ahead regardless. Wang also noted that while competition in the automotive industry is fierce today, such competition is essential for maintaining corporate vitality and driving natural selection, particularly in talent and technology.