From Humble Beginnings to Global EV Titan: The Rise of BYD’s Wang Chuanfu, China’s Richest Man

Image Source: Manufacturing Today India

Wang Chuanfu, born into a poor farming family in China, transformed BYD from a small battery startup into the world’s largest manufacturer of electric vehicles, surpassing Tesla in sales. His visionary leadership, relentless work ethic, and commitment to innovation have crowned him China’s richest man in 2025.

Wang Chuanfu’s journey from a rural upbringing in Anhui province to becoming China’s richest man epitomizes the transformative power of vision and perseverance. Born in 1966 into a modest farming family, Wang overcame early hardships, including the loss of his parents, to pursue higher education in metallurgical physical chemistry and materials science.

In 1995, leveraging a 250,000-yuan loan from his cousin, Wang founded BYD (Build Your Dreams) in Shenzhen, initially focusing on rechargeable batteries for mobile phones. The company rapidly grew to become one of the world’s largest battery producers by emulating successful products and cutting costs aggressively.

Wang’s most significant strategic leap came in 2003, when BYD acquired a struggling state-owned automaker, Qinchuan Machinery Works, entering the automotive sector. BYD Auto’s flagship model F3 became one of China’s best-selling sedans, paving the way for Wang’s firm commitment to electric vehicles (EVs).

Despite initial skepticism from shareholders over the costly shift to EV technology, Wang pushed forward, launching BYD's first hybrid and battery electric models in 2008. His conviction that battery innovation was key to the future of transportation was proved correct as BYD ascended to become the world’s largest EV manufacturer by volume, surpassing Tesla in 2023 with over half a million EV sales in one quarter alone.

Wang’s leadership extends beyond business growth. He is recognized for his engineering-driven approach and strategic vision in building BYD into a diversified global conglomerate spanning automobiles, rail transit, new energy solutions, and electronics. His commitment to sustainability earned him global accolades including the Zayed Future Energy Prize and a place among Bloomberg’s Green 30 and Fortune’s most influential leaders.

Early Life and Education