Early Life
Lu Xiangyang was born in 1962 in Anhui, China, into a farming family. He began his professional career at the local branch of the People's Bank of China around age 16. During his tenure, he advanced rapidly, becoming the youngest department head in the Anhui branch.
Rise to Success
In 1995, Lu Xiangyang co-founded BYD (Build Your Dreams) with his cousin Wang Chuanfu. He provided the initial capital for the company, which began as a battery manufacturer. BYD quickly gained a dominant position in the global battery market, supplying products to major companies. Recognizing the potential of clean energy technologies, Lu and Wang made a strategic move into the automotive sector in the early 2000s, specifically focusing on electric vehicles (EVs). In 2003, BYD acquired an auto assembly plant, enabling EV manufacturing.
Key Business Strategies
Lu Xiangyang played a pivotal role in BYD's strategic shift from battery production to automotive applications. He also founded Youngy Investment Holding Group, which focuses on sectors like new energy materials and finance. Lu has been instrumental in BYD's pivot to electric vehicles, contributing to its 2024 revenue. Beyond BYD, he manages Youngy Investment Holding Group and holds stakes in entities like Youngy Co and Youngy Health, deriving his fortune primarily from automobiles and batteries.
Philanthropy
Lu Xiangyang serves as Vice Chairman of the BYD Charity Foundation since 2014, supporting education, disaster relief, and technological innovation for social good.