Chinese giant BYD has set its sights on global domination as it looks to become the best-selling car brand in the world within five years.
BYD Chairman Wang Chuanfu said he expected the Shenzhen-based brand to become the world's largest automaker by 2031.
In 2025, BYD sold 4.8 million vehicles, ranking seventh among the best-selling car brands in the world as Toyota retained its crown with 11.3 million sales.
While international sales have flourished, registrations of new vehicles in China have slumped, prompting shares of the company to drop significantly.
In the last year, shares have fallen by more than 45 per cent since their peak in Hong Kong, while its Shezhen-listed stock has dropped 33 per cent.
At the company's annual shareholder meeting, Mr Chuanfu reassured investors that BYD would bounce back with new vehicles and impressive technology.
He stated that BYD would increase output of its second-generation Blade Battery, which he identified as a key growth bottleneck.
Earlier this week, the Chinese brand demonstrated its Flash Charging technology in the UK for the first time, which is capable of charging an electric vehicle in just five minutes.
READ MORE: BYD confirms huge UK rollout of revolutionary tech that charges electric cars in just FIVE minutes
BYD said it aimed to be the biggest car brand in the world within five years
|BYD
The technology is backed by 1,500kW of power and can completely recharge a vehicle equipped with a Blade Battery 2.0 in just nine minutes.
This will be accompanied by the UK and wider European launch of the Denza Z9GT later this year as BYD introduces drivers outside of China to its premium, technology-focused brand.
Mr Chuanfu said: "BYD will truly become the No. 1 automaker globally in terms of scale in five years," Reuters reported.
BYD is already one of the biggest car brands in the UK, despite only launching in recent years, capturing around 3.4 per cent of the total market share.
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BYD has seen great success in Brazil, the UK and Australia in recent months
| BYDThe Chinese brand has been buoyed by strong exports to the likes of Brazil, the UK and Australia, with exports growing 65 per cent between January and May compared to the same time last year.
Reports suggest that BYD is looking to take over an existing factory in Europe for its second assembly plant on the continent.
Stella Li, executive vice president of BYD, told reporters that the brand would "prefer to take over an existing plant".
It comes as BYD confirmed that the construction of a car assembly plant in Turkey is on hold, despite pledging $1billion (£745million) to build the facility.
BYD confirmed that its European HQ and an R&D facility would be opening in Hungary | BYDBy manufacturing vehicles in Europe, BYD would be able to escape hefty tariffs placed on imports from China, which has prompted other car brands to take action.
It will also stimulate the European auto manufacturing sector, which has been impacted by various headwinds in recent years.
Ms Li added that production of the vehicles in Szeged, southern Hungary, in the fourth quarter later this year.
"Hungary is the number one priority right now. The second priority will be to focus on finding a second (production) facility in Europe," she said.