BYD urges Chinese automakers to unite and ‘overthrow the old’ in global expansion

Aug 11 (Reuters) – A patriotic call by China’s bestselling automaker to unite‍ the industry and “demolish the old legends” of the global market has gone viral, receiving both praise and criticism from a rival. BYD (002594.SZ) used an event this week to celebrate a production milestone and highlight the emergence of China as a global auto⁣ manufacturing powerhouse. “I believe the time has come for Chinese brands,” said BYD⁣ founder and chairman ⁤Wang Chuanfu, standing in front of the logos of 12 ⁤major Chinese automakers. “It’s an emotional need for the 1.4 billion Chinese people to see a ⁤Chinese brand becoming global.” BYD’s call, which came from Tesla’s closest competitor in the global electric vehicle sales race, received widespread praise and highlighted the‍ competition and pursuit of growth among China’s automakers.⁢ These automakers are⁢ currently engaged in a fierce price war initiated by Tesla ​in January, and they ⁤are all competing in the same global markets, where they face consumer skepticism and‍ regulatory obstacles. During the event, BYD released ⁢a‍ video showcasing the founding of a dozen rivals, from state-run automaker FAW Group in ​1956 to commercial EV startups Xpeng(9868.HK), Nio (9866.HK), ​and Li Auto (2015.HK) in the past decade. The video,​ which⁤ includes historical footage, scenic views,⁤ and cars being exported,‌ emphasizes the⁢ shared direction of⁣ these automakers and concludes with a call to “demolish the old legends and achieve new ‌world-class brands” under the slogan “Chinese Autos.” The video quickly went viral⁢ on Chinese social⁤ media, ‍with executives ​from BYD’s rivals expressing their appreciation. However, other automakers cautioned‍ that the message could ⁤increase regulatory risks for Chinese ⁢brands overseas, particularly in Europe, where Chinese EV exports may face anti-dumping scrutiny. In response, a senior executive from China’s Great Wall Motor (601633.SS) argued that Chinese automakers should embrace the “reality of competition” and questioned⁢ the feasibility⁤ of unity.