BYD's domestic sales decline, Wang Chuanfu's latest response

On December 5th, BYD held an extraordinary general meeting of shareholders in Pingshan, Shenzhen. At the meeting, Wang Chuanfu, Chairman and CEO of BYD, stated that this year BYD's domestic market sales have declined. One reason is that BYD's current technological leadership is not as strong as in previous years, leading to a decrease in the market attractiveness of technological achievements, combined with the emerging homogenization characteristics of the industry, which is in line with the cyclical laws of product and technological development. On the other hand, user pain points such as slow charging speed in low temperatures urgently need to be addressed through technological breakthroughs. "I say that our technology is not advanced enough at the moment because there are still major technological releases to come, but I cannot reveal them now," Wang Chuanfu said. He emphasized that BYD's core competitiveness lies in its technology, with a team of 120,000 engineers providing the key support and confidence for the company to continue advancing its technology and reshaping its leading advantages.