Cao Dewang appeared at Fuyao's shareholders' meeting: The U.S. is free to raise taxes. If it doesn't make money, it won't be sold. The big deal is to shut down U.S. factories.

On April 21, Fuyao Glass held its 2025 annual shareholder meeting. It is worth noting that Cao Dewang, who announced his resignation as chairman in October 2025, still attended the shareholders' meeting. At the scene, Cao Dewang was full of witty words. Not only did he highly praise his son and current chairman Cao Hui as "better than me", but when talking about overseas geopolitics and tariff risks, he made a strong statement that "how much tax you want to levy is your business" and "I will never do it if I don't make money."

At the meeting, when talking about Cao Hui's performance, Cao Dewang explained the core responsibilities of the chairman: "The chairman is in charge of strategy, deciding what to do and to what extent, and the specific execution is implemented by the management team."

He bluntly affirmed Cao Hui's work: "Cao Hui is the chairman and does a better job than me." In Cao Dewang's view, Cao Hui's research on new technologies and new businesses is deeper than his own.

At the shareholders' meeting, some investors raised questions about international geo-risk assessment, and Cao Dewang's response was very courageous. When talking about the issue of additional tariffs imposed by the United States, he said bluntly: "I am a self-employed person. If you don't let me make money, I won't sell. How much tax you want to impose is your business."

Cao Dewang made it clear that Fuyao will never engage in loss-making business if it faces serious losses. Cao Dewang said: "If I encounter an unreasonable situation, I will shut down the (U.S.) factory in the worst case."

Regarding future global automobile market demand, Cao Dewang made a prediction: Global annual automobile production will most likely remain at around 90 million vehicles, and there will be no major breakthrough in the short term.

According to reports, Fuyao Glass currently has a global market share of more than 35%. In this regard, Cao Dewang said: "Now is no longer the time to rely solely on volume. No matter how much production capacity is, the market cannot digest it. We work so hard, it would be great if we can actually make money."

Public information shows that Fuyao Glass America has been operating for ten years. Its Dayton, Ohio, factory has become the world's largest single automotive glass factory, employing more than 3,000 local workers and accounting for about 30% of the U.S. automotive glass market.