BYD: China's new energy vehicle transformation will be completed by 2030

September 21 news, according to Reuters, Chinese automaker BYD Co., Ltd. predicts that the transformation of China's new energy vehicles will be completed in the last 10 years. This is a positive timetable that will challenge the position of traditional car manufacturers in the global automotive market.

BYD chairman Wang Chuanfu said on Thursday that by 2030, all cars in the country will be "electricalized" from all-electric vehicles to mild hybrids. With the support of Warren Buffett, BYD has invested heavily in the new energy automotive market.

Global automakers are struggling to cope with government plans to shift from petrol-engined cars to newer, less polluting electric technologies – a trend that is creating one of the most significant changes the auto industry has experienced.

Earlier this month, a senior Chinese official said that China had begun to study when to ban the production and sale of cars using traditional fuels, but no timetable was given. Britain and France have already stated that they will ban the production of new gasoline and diesel cars in 2040.

China has set targets for electric vehicles and plug-in hybrid vehicles. By 2025, sales of these cars will account for at least one-fifth of their car sales, in order to reduce air pollution and reduce the competition between domestic auto manufacturers and the world. The competition gap between rivals.

Zhao Chao, head of Asia-Pacific at consulting company IHS Markit Automotive in Shanghai, said: "By 2030, all cars sold by automakers in China and around the world are likely to be electrified."

Others, however, are less optimistic about the industry’s shift to electric vehicles.

This month, during his visit to China, the CEO of GM stated that the transition to new energy vehicles needs continued support from the government, and consumers should be the ones that drive demand.

However, China is gradually phasing out subsidies for BYD and other new energy automakers, leading to a sharp drop in profits for the company so far this year.

Wang Chuanfu added that 20 cities in China will begin construction of BYD's sky rail transport systems next year, also known as the “cross-seat monorail”, which was launched this month in Yinchuan, a city in the northwestern part of China.