The time is ripe for electric vehicles to fully replace gasoline vehicles, BYD chairman Wang Chuanfu said in a speech on January 16.

He said the reason for saying so is that in recent years, the battery, motor and electric control technologies of electric vehicles have become more and more mature, and their advantages in acceleration, noise control, energy consumption, the convenience of maintenance, intelligence and cost have surpassed those of gasoline vehicles in all aspects.

"We have reason to believe that 2021 will be the first year of the rapid development of electric vehicles in China," Wang said.

According to Wang, the New Energy Vehicle Industry Development Plan published last November has strengthened the industry's confidence and expectations for development.

The plan proposed a 20 percent share of new electric vehicle sales by 2025 and the full electrification of public sector vehicles by 2035.

Currently, many Chinese cities are formulating the 14th Five-Year Plan for the development of new energy vehicle industry, specifying the target of promoting the application of electric vehicles in the next five years.

Wang said that from a global perspective, the wave of vehicle electrification is sweeping the world. In the face of a new round of technological revolution and industrial change, accelerating the full-scale electrification of vehicles has become a strategic choice for developed countries and automotive powerhouses around the world.

Wang also said that BYD will accelerate the open supply of key components to the industry in 2021. "Earlier this year, BYD released a new brand logo in the domestic passenger car sector, embracing the changes in the automotive industry with a more open attitude and striving to come out of a road from independent innovation to full open innovation."

(Source: BYD)