Wang Chuanfu, Chairman of BYD Co., China’s largest auto company, criticized Western countries for their apprehension towards Chinese electric vehicles (EVs). Wang, a billionaire entrepreneur, highlighted that foreign concerns reflect the strength of China’s burgeoning car industry.

“If you are not strong enough, they will not be afraid of you,” Wang emphasized, addressing the audience on Friday. He pointed out that European Union plans to impose tariffs on Chinese EVs, in response to Beijing’s subsidies, underscore the competitive threat perceived by Western nations.

Last year, Chinese brands such as MG Motors and BYD accounted for nearly 9% of Europe’s battery-only vehicle sales, a figure expected to rise to 20% by 2027 according to Transport & Environment. BYD itself has become a significant player in the global EV market, having ceased combustion engine production in 2022 and achieving sales of 3 million electric and hybrid vehicles by 2023.

Wang urged the industry to embrace competition amid ongoing trade tensions and tariff threats. BYD has recently initiated a price war in China, reducing costs across its EV and plug-in hybrid lineup to challenge established automakers like Toyota and Volkswagen.

“Electricity is cheaper than oil,” Wang stated, asserting the economic advantage of EVs over traditional internal combustion engines. He affirmed that the shift towards electric and hybrid vehicles is an unstoppable trend poised to dominate the automotive sector.

For more insights into BYD’s strategy and the global EV market dynamics, visit Bloomberg.