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Wang ChuanfuChinese entrepreneur, president of BYD, billionaire
Date of Birth: 01.01.1966
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Content:
- Early Life and Education
- BYD Co.
- Expansion into Automotive Industry
- Investment from Warren Buffett
- Global Ambitions
Early Life and Education
Wang Chuanfu was born into a humble peasant family in China. Tragedy struck early as his parents passed away before he started school, entrusting his upbringing to his elder brother and sister. Despite these challenges, Wang pursued higher education, graduating with a degree in Chemical Engineering from Central South University of Technology. He later earned a Master's degree from Beijing Institute of Non-Ferrous Metal Research in 1990.
BYD Co.
In 1995, at the age of 29, Wang founded BYD Co. in the suburbs of Shenzhen. The company initially focused on producing batteries for mobile phones and became the world's largest manufacturer in this sector.
Expansion into Automotive Industry
BYD's ambitions extended beyond batteries into the automotive industry. In 2009, the company launched its first electric and hybrid vehicles in China, with plans for global expansion in 2011.
Investment from Warren Buffett
Warren Buffett's MidAmerican Energy Holdings bought a 10 percent stake in BYD in 2008 for $230 million. This investment quintupled BYD's market value and significantly boosted Wang's personal fortune.
Global Ambitions
Wang is confident in BYD's ability to compete with industry giants like General Motors and Toyota. He believes his company's electric and hybrid vehicles will revolutionize the automotive market.