Cao Dewang Attends Fuyao Shareholders' Meeting: US and Canada Taxes, Whatever. No Profit, No Sale. We'll Just Close the US Factory.
On April 21st, Fuyao Glass held its 2025 annual shareholders' meeting. Notably, Cao Dewang, who announced his resignation as Chairman in October 2025, still attended the meeting. At the meeting, Cao Dewang spoke candidly, not only giving his son and current Chairman Cao Hui a highly positive evaluation of "better than me," but also making a strong statement regarding overseas geopolitical and tariff risks: "How much tax you impose is your business," and "I absolutely won't do it if I don't make a profit."
During the meeting, when discussing Cao Hui's performance, Cao Dewang explained that the core responsibility of a Chairman is "to manage strategy, decide what to do specifically, and to what extent, while the specific execution is left to the management team."
He frankly affirmed Cao Hui's work: "Cao Hui is doing a better job as Chairman than I did." In Cao Dewang's view, Cao Hui's research on new technologies and new businesses is deeper than his own.
At the shareholders' meeting, an investor raised a question about the assessment of international geopolitical risks, and Cao Dewang's response was extremely forceful. Regarding the US's additional tariffs, he stated directly: "I'm a small business owner, if you don't let me make money, I won't sell. How much tax you impose is your business."
Cao Dewang clearly stated that if faced with serious losses, Fuyao would absolutely not engage in losing business. Cao Dewang said: "If I encounter unreasonable situations, I'll just close the (US) factory."
Regarding future global automotive market demand, Cao Dewang predicted: Global annual automobile production will likely remain around 90 million vehicles and will not see a significant breakthrough in the short term.
It is reported that Fuyao Glass currently has a global market share of over 35%. In response, Cao Dewang said: "It's no longer about competing on volume. No matter how much capacity there is, the market can't absorb it. We work so hard, it's good to make real money."
Public information shows that Fuyao Glass USA has been operating for ten years, and its Dayton, Ohio factory has become the world's largest automotive glass single-plant factory, employing over 3,000 local workers and accounting for approximately 30% of the US automotive glass market share.