Elon Musk has almost 100% name recognition worldwide. Wang Chuanfu (王传福), the founder of BYD which just beat Tesla in global electric vehicles sales, is virtually unknown in the west. Even in China, he is only well-known in the business circle and has a low profile otherwise compared to the more flashy tech entrepreneur, Jack Ma, or the more cosmopolitan investor-turned-founder, Kaifu Lee.
Whether you think China’s mass production of EVs and other renewable energy products is a net-positive for dealing with climate change, or an evil “onslaught” on the west, BYD’s global impact is hard to ignore and cannot be wished away. Its batteries have been powering millions of cell phones long before it started making cars. Its EVs can be now seen on the streets of every Chinese city, and quite a few European and Latin American cities. Its battery-powered buses are transporting commuters in Hyderabad, Bogotá, and the Los Angeles International Airport. It is also making electric SkyRails (subway in the air) that may soon appear in São Paulo’s skyline. Oh, and it supplies batteries to Tesla too.
Wang Chuanfu, the pudgy-faced chemist-turned-entrepreneur, is the main, if not the sole, reason why BYD, which meant literally nothing when the company was incorporated in 1995, became BYD, which now means “Build Your Dreams.” The late Charlie Munger called him a “genius”. Yet, there is no comprehensive biography (that I’m aware of) about the man. (Musk, on the other hand, has at least three about him.)
Since BYD took the global throne of EV sales from Tesla, there has already been more ink spilled in the western media on BYD in the last month than in the last 10 years. And predictably, much of the narrative is becoming political, from The Economist characterizing it as a threat to the west, to the U.S. Commerce Secretary calling Chinese EVs export a national security concern.
Before things get politicized further, Wang Chuanfu’s American-esque, rags-to-riches journey ought to stand on its own. So here is my telling of the Wang Chuanfu story.
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