Wang Chuanfu, chairman of BYD Co., Ltd., was named China's richest individual this week by Forbes magazine, which stated his wealth is worth $5.8 billion.
Wang
Chuanfu
,
chairman
of
BYD
Co.
,
Ltd.
,
was
named
China
's
richest
individual
this
week
by
Forbes
magazine
,
which
stated
his
wealth
is
worth
$
5.8
billion
.
Wang grew up in a poor family in Anhui Province and had lost his parents for illness when he was a teenager.
Wang
grew
up
in
a
poor
family
in
Anhui
Province
and
had
lost
his
parents
for
illness
when
he
was
a
teenager
.
He went to college only after the encouragement and support of his older siblings, who also helped him.
He
went
to
college
only
after
the
encouragement
and
support
of
his
older
siblings
,
who
also
helped
him
.
"I was born on a rice farm very, very poor," Wang told The Wall Street Journal in an interview last year.
``
I
was
born
on
a
rice
farm
very
,
very
poor
,
''
Wang
told
The
Wall
Street
Journal
in
an
interview
last
year
.
"Both of my parents were farmers and they planted rice.
``
Both
of
my
parents
were
farmers
and
they
planted
rice
.
Both passed away when I was still very young.
Both
passed
away
when
I
was
still
very
young
.
I was about 10 years old when my father died, and I was 15 or so when my mother passed away."
I
was
about
10
years
old
when
my
father
died
,
and
I
was
15
or
so
when
my
mother
passed
away
.
''
He developed a fascination with batteries back in his university days in the mid-1980s, when he studied metallurgical physics and chemistry.
He
developed
a
fascination
with
batteries
back
in
his
university
days
in
the
mid-1980s
,
when
he
studied
metallurgical
physics
and
chemistry
.
After receiving a Master's degree, he found a research position at the General Research Institute for Nonferrous Metals in Beijing.
After
receiving
a
Master
's
degree
,
he
found
a
research
position
at
the
General
Research
Institute
for
Nonferrous
Metals
in
Beijing
.
It was an easy job, but he grew bored and decided to go out on his own just as China's experiment with capitalism was going on.
It
was
an
easy
job
,
but
he
grew
bored
and
decided
to
go
out
on
his
own
just
as
China
's
experiment
with
capitalism
was
going
on
.
He established the company that is now BYD in 1995, borrowing $300,000 from a cousin, and started out making batteries for cellphones.
He
established
the
company
that
is
now
BYD
in
1995
,
borrowing
$
300,000
from
a
cousin
,
and
started
out
making
batteries
for
cellphones
.
Today, the company still makes phone batteries but also produces gasoline- fueled cars that have made BYD a top-10 auto brand in China.
Today
,
the
company
still
makes
phone
batteries
but
also
produces
gasoline-
fueled
cars
that
have
made
BYD
a
top-10
auto
brand
in
China
.
The company, listed on the Hong Kong Stock Exchange since 2002, is also getting ready to sell electric cars to private buyers and launch an all-electric battery car model soon in China.
The
company
,
listed
on
the
Hong
Kong
Stock
Exchange
since
2002
,
is
also
getting
ready
to
sell
electric
cars
to
private
buyers
and
launch
an
all-electric
battery
car
model
soon
in
China
.
All this has helped BYD attract investors' attention, including from one of Warren Buffett's companies, and has helped enrich Wang as BYD's share price has increased.
All
this
has
helped
BYD
attract
investors
'
attention
,
including
from
one
of
Warren
Buffett
's
companies
,
and
has
helped
enrich
Wang
as
BYD
's
share
price
has
increased
.
Wang's fast climb shows personal struggle is still working in China even as the country faces widening gaps between the haves and the have-nots.
Wang
's
fast
climb
shows
personal
struggle
is
still
working
in
China
even
as
the
country
faces
widening
gaps
between
the
haves
and
the
have-nots
.
"Because I came from a poor background, I knew the only way for me to get ahead was to get good education.
``
Because
I
came
from
a
poor
background
,
I
knew
the
only
way
for
me
to
get
ahead
was
to
get
good
education
.
I studied very hard."
I
studied
very
hard
.
''
Wang Chuanfu, chairman of BYD Co., Ltd., was named China's richest individual this week by Forbes magazine, which stated his wealth is worth $5.8 billion.  Wang grew up in a poor family in Anhui Province and had lost his parents for illness when he was a teenager. He went to college only after the encouragement and support of his older siblings, who also helped him.  "I was born on a rice farm very, very poor," Wang told The Wall Street Journal in an interview last year. "Both of my parents were farmers and they planted rice. Both passed away when I was still very young. I was about 10 years old when my father died, and I was 15 or so when my mother passed away."  He developed a fascination with batteries back in his university days in the mid-1980s, when he studied metallurgical physics and chemistry. After receiving a Master's degree, he found a research position at the General Research Institute for Nonferrous Metals in Beijing. It was an easy job, but he grew bored and decided to go out on his own just as China's experiment with capitalism was going on.  He established the company that is now BYD in 1995, borrowing $300,000 from a cousin, and started out making batteries for cellphones. Today, the company still makes phone batteries but also produces gasoline- fueled cars that have made BYD a top-10 auto brand in China.  The company, listed on the Hong Kong Stock Exchange since 2002, is also getting ready to sell electric cars to private buyers and launch an all-electric battery car model soon in China. All this has helped BYD attract investors' attention, including from one of Warren Buffett's companies, and has helped enrich Wang as BYD's share price has increased.  Wang's fast climb shows personal struggle is still working in China even as the country faces widening gaps between the haves and the have-nots.  "Because I came from a poor background, I knew the only way for me to get ahead was to get good education. I studied very hard."