BYD Denies Flying Car Plans: Strategic Focus and Investment Value Analysis

Li Yunfei, General Manager of Brand and Public Relations at BYD Group, posted a denial on Weibo on December 29, 2025, clearly stating: “

”[1]. Earlier, some self-media outlets released videos with captions claiming “BYD’s flying car is coming, equipped with megawatt fast charging technology” and “Yangwang Ufly, BYD’s flying car is really coming”[3]. Li Yunfei also emphasized “”[2], which highlights the company management’s prudent attitude towards market rumors.

BYD’s strategic boundaries are very clear, closely focusing on the vertical extension of the new energy vehicle industry chain:

[0][5]:

• Blade Battery
  : Energy density increased to 160Wh/kg, safety significantly improved, and mass production matching has been achieved
• DM-i Super Hybrid Technology
  : Achieves “ultra-low fuel consumption and ultra-long range”, and after its release in 2021, it immediately shook Toyota and Honda’s positions in the hybrid market
• Megawatt Fast Charging Technology
  : Released in March 2025, aiming to achieve “same speed as oil-fueled vehicles” in charging speed
• CTB (Cell to Body) Technology
  : Body rigidity increased by 50%, and range exceeded 700km

[4][5]:

• Tian Shen Zhi Yan (God’s Eye) ADAS
  : Standard on all models in 2025, significantly lowering the threshold for high-level ADAS popularization
• L3 Autonomous Driving
  : One of the 9 enterprises approved for the first batch of L3 autonomous driving access and road通行 pilots in 2024
• Intelligent Cockpit
  : Cooperates with tech enterprises like Volcano Engine to continuously improve cockpit experience

BYD has built a clear brand pyramid structure[5]:

Brand	Positioning	Target Market	Representative Technologies
Yangwang	Million-level ultra-luxury	International ultra-luxury brand market	Disruptive technologies like Yi Sifang, Yun Nian
Denza	Luxury market	Family and business users	Comfortable cockpit, intelligent safety configurations
Fang Cheng Bao	Personalized off-road	Professional off-road and tech enthusiasts	Titanium series, professional off-road hardware
Dynasty/Ocean	Mainstream market	Mass consumer market	Popularization of DM-i, Blade Battery

: From January to November 2025, BYD’s cumulative sales reached 4.182 million units, a year-on-year increase of 11.3%; among them, the Dynasty Family and Ocean Network together contributed nearly 90% of sales, and Fang Cheng Bao Tai 7 sold 24,019 units in November, ranking among the top five in domestic new energy SUV sales[4][5].

• Overseas sales exceeded 917,000 units from January to November 2025, becoming an important growth engine[5]
• Established sales and service capabilities, and even industrial chain system capabilities in core global auto markets
• Wang Chuanfu emphasized that “the new energy vehicle market is ‘the fast fish eats the slow fish’”, and the overseas layout is decisive and rapid

[0]:

Indicator	Value	Evaluation
Market Cap	HK$936.9 billion	Among the top global auto companies
Stock Price	HK$99.40	Up 6.20% today
P/E Ratio	23.78x	Relatively reasonable
ROE	17.62%	Strong profitability
Net Profit Margin	4.56%	In line with manufacturing industry characteristics
Operating Profit Margin	5.13%	Excellent cost control

[0]: Up 12.87% since 2025, showing relatively stable performance, but there is still a large gap between the 52-week high of HK$159.27 and the current price of HK$99.40, reflecting the market’s expectation of volatility in the new energy vehicle sector.

BYD’s R&D investment intensity is the core support for its long-term value[5]:

• R&D Investment in the First Three Quarters of 2025
  : RMB 43.75 billion, a year-on-year increase of 31.3%
• Cumulative R&D Investment
  : In the 14 years from 2011 to 2024, except for 2011, annual R&D investment exceeded the net profit of the same period
• Total Breakthrough
  : As of the first three quarters of 2025, cumulative R&D investment has exceeded RMB 220 billion

Wang Chuanfu clearly stated: “

”[5]. This concept of technological long-termism is a key feature that distinguishes BYD from companies relying on traffic marketing.

According to financial analysis data[0]:

• Financial Attitude Classification
  : Conservative
• Cash Flow Status
  : Latest free cash flow is RMB 36.094 billion, strong cash creation capability
• Debt Risk
  : Medium risk, overall controllable
• Current Ratio
  : 0.87, Quick Ratio:0.56, indicating relatively tight working capital management but in line with manufacturing industry characteristics

Although flying cars are a cutting-edge concept, their correlation with BYD’s core business is limited. From the perspective of resource allocation:

• Low Technological Synergy
  : Flying cars involve aviation-level safety certification, new power systems, air traffic management, etc., with limited overlap with BYD’s accumulation in the field of automotive electrification
• Insufficient Market Maturity
  : The commercialization of flying cars still faces multiple challenges such as regulations, infrastructure, and costs, making it difficult to form scale effects in the short term
• Different Competitive Barriers
  : The core competitiveness of automobile manufacturing lies in cost control, supply chain management, and large-scale production, while the barriers for flying cars lie in airworthiness certification, air operations, etc.

Wang Chuanfu clearly stated at the 2024 shareholders’ meeting: “

”[5]. This denial of flying car rumors is a direct reflection of this philosophy.

In the current traffic-driven market environment, BYD’s choice to be restrained rather than cater to short-term hotspots reflects the management’s:

• Strong Strategic Resolve
  : Not disturbed by market noise, adhere to the established technical route
• Investor-Oriented
  : Avoid misleading investors through concept speculation
• Pragmatic Style
  : Concentrate resources on technologies that can be mass-produced and delivered, and generate actual value

The denial behavior helps the market to value BYD more rationally:

• Avoid Concept Bubbles
  : Cutting-edge concepts like flying cars may push up short-term valuations, but lack of performance support easily leads to valuation bubbles
• Focus on Core Value
  : Guide the market to pay attention to BYD’s substantive progress in areas such as Blade Battery, DM-i, and intelligentization
• Reduce Information Noise
  : Reduce the interference of false information on investors’ decisions

:

1. Full Industrial Chain Layout
   : Vertical integration capability from batteries, motors, electronic controls to semiconductor IGBTs
2. Technological Iteration Capability
   : Rapid mass production and implementation of technologies such as Blade Battery, DM-i, and Megawatt Fast Charging
3. Improved Brand Matrix
   : Full price range coverage from 100,000-level to million-level
4. Global Layout
   : Overseas markets have become important growth engines
5. Continuous R&D Investment
   : Technological long-termism supports long-term competitiveness

:

1. Intensified Industry Competition
   : “Fierce” price wars in the new energy vehicle market
2. Technological Route Risk
   : New technologies such as solid-state batteries and hydrogen energy may subvert existing technological routes
3. Overseas Policy Risk
   : Trade barriers for Chinese new energy vehicles in European and American markets
4. Valuation Volatility Risk
   : The current stock price still has a large pullback space from the 52-week high

Based on the above analysis, BYD:

• Long-term Investment Value
  : Positive (deep technological moat, continuous R&D investment, global layout)
• Short-term Stock Price Performance
  : Need to pay attention to industry competition dynamics, quarterly sales data, and changes in policy environment
• Strategic Clarity
  : Excellent (clear boundaries, focus on main business, restrained marketing)

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[1] East Money - “BYD Denies Plans to Launch Flying Car” (https://finance.eastmoney.com/a/202512293604276111.html)

[2] Sina Finance - “Li Yunfei Denies BYD Will Launch Flying Car: False Information, No Such Plans or Arrangements” (https://finance.sina.cn/stock/auto/2025-12-29/detail-inhemsep8135240.d.html?vt=4)

[3] Gasgoo Auto - “Li Yunfei Denies BYD Will Launch Flying Car” (https://auto.gasgoo.com/news/202512/29I70440474C601.shtml)

[4] Sina Finance - “BYD’s 2025: Dynasty and Ocean Series Maintain Integrity and Innovate, Three High-end Brands Break Through Collectively!” (https://finance.sina.com.cn/stock/t/2025-12-18/doc-inhcfzsz8219831.shtml)

[5] 36Kr - “15 Million Units Off the Line: What Is BYD’s Growth Gene?” (https://www.36kr.com/p/3610824194475014)

[0] Jinling API Data (Including company overview, financial analysis, stock price data, real-time quotes, etc.)