Wang Chuanfu responds to BYD's sales decline, stating that technology is not advanced enough and will release significant technology

According to domestic media reports, BYD (01211.HK) held an extraordinary general meeting today (5th) in Pingshan, Shenzhen. BYD Chairman and President Wang Chuanfu stated that this year, BYD's domestic market sales have declined. On one hand, this is due to BYD's current technological leadership not being as strong as in previous years, with the market impact of technological achievements decreasing, coupled with the increasing homogeneity in the industry. This change aligns with the cyclical nature of product and technology development. On the other hand, user demand pain points, such as slow low-temperature charging speeds, also urgently need to be addressed through technological breakthroughs.

Wang Chuanfu mentioned that the reason for stating that current technology is not sufficiently advanced is that there are significant technologies to be released later, but it is currently inconvenient to disclose them.

He also pointed out that BYD's core competitiveness lies in technology, and the company's team of 120,000 engineers is the key support and confidence for the company's subsequent technological breakthroughs and reshaping of its leading advantages