Early Life and Career
Lu Xiangyang was born in Anhui, China, in 1962. His professional journey began at the local branch of the People's Bank of China. In the early 1990s, he moved to Guangdong province and worked for several brokerage firms. In 1995, he founded Guangzhou Youngy Management and Investment Group.
Rise to Success with BYD
A pivotal moment in Lu Xiangyang's career came in 1995 when he invested 5 million renminbi in BYD, a company founded by his cousin Wang Chuanfu. This investment proved to be highly successful, with BYD growing into a leading manufacturer of batteries and automobiles, particularly electric vehicles. Lu Xiangyang's shareholding in BYD became the primary source of his wealth.
Key Business Strategies and Investments
Lu Xiangyang's strategic moves include acquiring key lithium and cobalt mines, which have further enhanced his financial standing and supported BYD's battery production. BYD ended production of pure internal combustion engine vehicles in March 2022 to focus on plug-in electric vehicles.
Philanthropy
Details of Lu Xiangyang's philanthropic initiatives are not readily available in the search results.