Wang Chuanfu From Battery King to Automobile Tycoon

In the Hurun Rich List 2009, Wang Chuanfu, president of BYD Company Ltd (BYD), took the first place with total assets of 35 billion yuan (USD 5.13 billion).

Wang established BYD in 1995 with 2.5 million yuan (USD 366.2 thousand) he borrowed from the banks and his friends. The company was located in Shenzhen, Guangdong and mainly produced the batteries for the cellular phones, which were just introduced in China.

With rich knowledge and experience in the batteries, Wang Chuanfu led his enterprise into the No. 1 in producing batteries for cellular phones in China. In the world, BYD was ranked at the second place. Besides, Wang Chuanfu created a production pattern with low cost which enabled him to achieve success in the future.

Then, Wang Chuanfu set foot in the industry of mobile phone components and got unexpected success. In these years, the sector of mobile phone components is always the main source of capital for Wang Chuanfu and his company.

In 2003, Wang Chuanfu bought Qinchuan Auto with 269 million yuan (USD 39.4 million). Without any experience in the auto industry, Wang Chuanfu was thought to be crazy by the media and experts.

Wang adopted the production pattern which has been used in producing mobile phone batteries and components. But the first sample vehicle was nothing but a joke because of its poor performance and countrified appearance. But Wang didnt give up his low-cost production pattern. In 2006, BYDs automobile sector for the first time saw the profits. In the first half of this year, BYD produced 180 thousand vehicles and the sales of the whole year will be about 430 thousand units.

In addition, BYDs vehicles using new energy have been accepted by the Chinese government. The support of the government is believed to be a main reason for Wang Chuanfu to become the richest people in China.