Chinese co BYD chairman Wang Chuanfu visits Israel

Chinese vehicle manufacturing and electronic group BYD chairman and CEO Wang Chuanfu visited Israel last week, sources inform “Globes.” He is also an entrepreneur with estimated wealth of $18.4 billion. Chuanfu was in Israel for a secret visit as the guest of Shlomo Motors, which imports BYD cars.

BYD is the world’s biggest manufacturer of electric vehicles. In the first half of 2023, the company sold 1.23 million electric vehicles and plug-in vehicles worldwide, up 88% from the same period last year. The company is also the second largest electric car battery producer worldwide for manufacturers in both China and abroad.

Israel is the biggest export market for BYD vehicles with 12,170 cars sold here between January and August 2023, while BYD sells more electric vehicles here than any other company.

BYD is expected to substantially expand its presence in Israel in 2024 and will soon launch a sedan that will compete with the Tesla 3 as well as its premium Denza cars.

Shlomo Motors declines to comment on this report.

Also in Israel recently was Huang Hongsheng, founder and chairman of industrial conglomerate Skyworth Group, which manufactures electric vehicles and buses under the Skywell brand. Skywell has already sold 1,400 electric vehicles in Israel. Hongsheng who flew in on his private jet with an entourage of senior executives met with Minister of Economy and Industry Nir Barkat, Minister of Energy and Infrastructure Israel Katz and Mobileye CEO Amnon Shashua.

Skywell is considering setting up an auto-tech development center in Israel as well as investing in renewable energy enterprises here.

Another senior Chinese business figure who visited Israel at the start of the week was Zhang Xianghi chairman of Sokon Group, which manufactures Seres and DFSK cars. Xianghi also hold a senior position in the Chinese government and Sokon has a strategic collaboration with government car manufacturer Dongfeng Motor Corporation.

Published by Globes, Israel business news – en.globes.co.il – on September 7, 2023.

© Copyright of Globes Publisher Itonut (1983) Ltd., 2023.