BYD Sees Auto Industry Entering 'Knockout Stage', Confident to Achieve Higher Mkt Shrs Next 3-5 Yrs
$BYD COMPANY (01211.HK)$ Chairman Wang Chuanfu said at the annual general meeting that the auto industry has entered a knockout stage. He believed core technology is the necessary factor for a company in such a stage, as NEV is a technology revolution and only those firms with strong core technologies could survive. Companies that only do simple assembly will have very low survivability.
Wang further suggested that it is very important to have a good strategic direction, including vehicle model and technology route selection, while also having a rapid decision-making mechanism.
With regard to the current price war in the industry, Wang said that BYD's advantages in scale, brand and technology will help BYD outperform its peers in the future competition, and he is confident that BYD will gain a higher market share in the next 3 to 5 years.
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