BYD Chairman Wang Chuanfu has drawn up an ambitious plan for the Chinese carmaker, envisioning the creation of a new-energy corporate giant with sales of CNY1 trillion by 2025, nearly 10 times its revenue last year. “We want different teams to create synergies with each other while giving full play to their own specialities,” he told company officials. Wang, 51, said BYD will eventually evolve into a pioneer in providing a complete set of new-energy solutions for clients.

His remarks were made at a ceremony to mark the 23rd anniversary of Shenzhen-based BYD, whose annual sales were valued at CNY104 billion in 2016. BYD is part owned by Warren Buffett’s Berkshire Hathaway and is often dubbed China’s Tesla since it specializes in electric and plug-in petrol-electric hybrid vehicles. The Chairman announced that BYD will conduct a drastic restructuring to form a new industry chain, a move designed to chase rapid growth in the coming eight years. BYD’s different divisions, including passenger vehicle, commercial vehicle, battery and electronics, will be developed into various “clusters of businesses,” he added. BYD was established in the 1990s, initially as a battery manufacturer before it started building vehicles in 2003.

Wang, ranked the 39th richest mainland Chinese by Forbes, defined BYD as more than just a manufacturer of batteries and cars, pushing hard his message that BYD will take advantage of the increasing demand for new-energy vehicles (NEVs) to expand scale. BYD also plans to open its first assembly plant in Canada, the South China Morning Post reports.