BYD chairman Wang Chuanfu has declared that the Chinese automaker will become the world's largest car manufacturer within five years, surpassing Toyota and the Volkswagen Group.
Speaking at the company's annual shareholder meeting in Shenzhen, Wang said the new second-generation Blade Battery will be key to BYD's expansion.
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"BYD will truly become the No. 1 automaker globally in terms of scale in five years," he stated, as reported by Reuters.
Last year, BYD sold 4.6 million vehicles, making it China's largest automaker and the world's sixth-largest.
However, to overtake Toyota, which sold 9.6 million cars under its own brand and 11.21 million including Lexus and Daihatsu, BYD would need to increase sales by about 1 million units annually for five years.
The ambitious goal comes as BYD faces a slowdown in its home market.
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In May, the company sold 207,372 vehicles in China, a 29.2% decline year-over-year.
To compensate, BYD must accelerate its international expansion, with Canada emerging as a key target market.
Some analysts suggest Wang's bold prediction may also aim to boost BYD's share price, which has fallen more than 45% over the past year.
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Achieving the target will require extraordinary growth, especially amid cooling demand in China.
