Wang Chuanfu stepped down as chairman of BYD Lithium Battery Company

Tianyancha APP shows that on October 20, Shenzhen BYD Lithium Battery Co., Ltd. (hereinafter referred to as BYD Lithium Battery) underwent industrial and commercial changes, and Wang Chuanfu stepped down as the legal representative and chairman, and was replaced by He Long.

BYD Lithium Battery was established in 1998 with a registered capital of 6.16 billion yuan and is wholly owned by BYD (002594.SZ). The Company has a wide range of businesses, including the research and development and sales of household air conditioning products, the development, production and sales of lithium-ion batteries, lithium manganese oxygen materials, power supply systems, and ferrosilicon modules.

Jiemian News contacted BYD about the reasons for the above changes, but did not receive a reply as of press time.

According to BYD's 2022 annual financial report, He Long was born in 1972 and joined BYD in 1999, and served as the manager of the quality department of the first and second business divisions, the deputy general manager of the second business department, and the vice chairman of Foshan Jinhui Hi-Tech Optoelectronic Materials Co., Ltd. He is currently the senior vice president of BYD and the chairman of Fodi Battery Co., Ltd. (hereinafter referred to as Fodi Battery).

Foday Battery was officially established in 2019, and its products mainly involve power batteries, energy storage and new batteries, consumer batteries and components. In addition to BYD lithium batteries and Fodi batteries, Huizhou BYD Battery Co., Ltd., a subsidiary of BYD, also has lithium battery-related businesses. The legal representative of the company is also He Long.

According to BYD's 2023 semi-annual report, in the first half of this year, BYD achieved revenue of 260.1 billion yuan, an increase of 72.72% year-on-year, and net profit of 10.9 billion yuan, a year-on-year increase of 204.68%.

BYD's main business includes the automobile business, which is mainly new energy vehicles, mobile phone parts and assembly business, rechargeable battery and photovoltaic business, as well as urban rail transit and other businesses. A rechargeable battery is a battery that can be recharged after discharge.

In the first half of this year, the business segments, including automobiles and secondary rechargeable batteries, achieved revenue of 208.8 billion yuan, accounting for 80.28% of the total operating income. BYD did not list the revenue figures of the battery business separately.

In the past two years, as BYD's new energy vehicle sales have skyrocketed, its power battery loading has also risen, closely following CATL (300750.SZ), which ranks first in the world. BYD's power batteries are mainly installed from its self-produced new energy vehicles, while CATL's power batteries are mainly supplied to BYD's competitors, such as Tesla, GAC, NIO and other car companies.

According to the latest data from the China Automotive Power Battery Industry Innovation Alliance, from January to September this year, BYD's power battery installed capacity reached 74 GWh, with a market share of 28.94%, second only to CATL. The current market share gap between the two sides is less than 14%, compared to nearly 25% for the whole of last year.

At the global level, according to the latest data from South Korean research institute SNE Research, BYD's installed capacity from January to August this year was 68.1 GWh, with a market share of 15.9%, ranking second. In 2021 and 2022, BYD ranked fourth and third in the global rankings, respectively, and in the past two years, it has surpassed LG Energy Solution and Panasonic, respectively.

As of the close of trading on October 23, BYD's share price fell 0.23% to close at 238.65 yuan, with a market value of 694.7 billion yuan.