SHANGHAI, China: BYD Chairman Wang Chuanfu has said the Chinese automaker aims to become the world's largest carmaker within five years, outlining an ambitious growth target as the company works to reassure investors following a sharp decline in its share price.

Speaking at BYD's annual shareholder meeting in Shenzhen, Wang told investors he believes the company can rise to the top of the global auto industry by leveraging its export growth and technological advances.

"BYD will truly become the No. 1 automaker globally in terms of scale in five years," Wang said, highlighting the firm's strong exports and technological advancements, including battery improvements and fast-charging technologies that he believes will drive growth at home and abroad.

BYD ranked sixth globally in 2025 with sales of 4.6 million vehicles. However, the company has struggled to regain momentum after increased competition in China's auto market weighed on domestic sales over the past year.

Its shares have come under pressure, with the Hong Kong-listed stock losing more than 45 percent from its peak over the past year. Shares traded in Shenzhen have fallen 33 percent over the same period.

According to state-owned Shanghai Securities News, Wang addressed nearly 1,000 shareholders at the meeting and emphasized the need to expand production of BYD's second-generation Blade Battery, which he described as the company's key growth bottleneck this year. The report was confirmed by an attendee at the meeting.

On June 10, BYD confirmed that Wang had expressed his ambition for the company to become the world's largest automaker, but did not respond to additional questions from Reuters about other details discussed during the meeting.

To achieve that goal, BYD would need to surpass Japanese auto giant Toyota, which sold more than twice as many vehicles as BYD in 2025.

Toyota has faced growing competition in overseas markets such as Southeast Asia and the Middle East, where Chinese automakers have expanded rapidly this year, according to data from the China Passenger Car Association.

BYD's international business has been a bright spot. Exports rose 65 percent between January and May compared with the same period a year earlier. Brazil, the United Kingdom, and Australia were the company's largest overseas markets, helped by relatively low trade barriers.

Still, export growth has not fully offset weaker domestic demand. BYD's overall deliveries fell by more than 20 percent during the first five months of the year.

Investors remained cautious following Wang's comments. BYD shares in Hong Kong fell 4.3 percent on the morning of June 10, while its Shenzhen-listed shares declined 1.6 percent.