Chinese Glass Tycoon on Tariff War: Worst Case, I'll Close the US Factory
Cao Dewang, founder of Fuyao Glass, stated that if faced with severe losses due to President Trump's renewed tariff hikes, he would rather shut down their US factory than do business at a loss.
📋 Article Processing Timeline
- 📰 Published: April 22, 2026 at 20:00
- 🔍 Collected: April 22, 2026 at 20:32 (32 min after Published)
- 🤖 AI Analyzed: April 23, 2026 at 05:05 (8h 33m after Collected)
Central News Agency
(CNA, Taipei 22nd) Regarding US President Trump launching another round of tariff hikes in his second term, Cao Dewang, the founder of Fuyao Glass known as China's "Glass Tycoon," said yesterday that if faced with severe losses, Fuyao will absolutely not do a losing business; "if we encounter an unreasonable situation, worst comes to worst, I will just close the (US) factory."
According to reports by National Business Daily and Red Star News, Fuyao Glass held its 2025 annual shareholders' meeting on the 21st. Cao Dewang made the above remarks in response to shareholders' questions.
Fuyao Glass is a global leader in automotive glass. It pioneered entering the US market in 2013 by setting up a factory in Ohio. Of the products supplying the US auto industry, 70% are produced by Fuyao's US plant and 30% are exported from its Chinese plants. Trump initiated tariff wars twice during his presidency, and Cao Dewang had publicly criticized it several times before.
At yesterday's shareholders' meeting, an investor asked how to evaluate international geopolitical risks and the tariff war. When talking about the US imposing additional tariffs, Cao Dewang said bluntly: "I am a sole proprietor. If you don't let me make money, I just won't sell. How much tax you want to levy is your business."
Cao Dewang also said that if faced with severe losses, Fuyao will absolutely not do a losing business. "If we encounter an unreasonable situation, worst comes to worst, I will just close the (US) factory."
Chen Xiangming, CFO of Fuyao Glass, stated at the shareholders' meeting that although global auto production hasn't fully recovered to the historical high of 2017 (over 97 million vehicles), with 2025 production at over 92 million, Fuyao's market share is continuously rising. The siphon effect of leading enterprises is further manifesting.
Regarding future market demand, Cao Dewang predicts that the total number of cars globally will roughly remain around 90 million units a year and won't suddenly break through. Currently, Fuyao's global market share has reached over 35%; "It's no longer the time to simply compete on volume. No matter how much production capacity there is, the market can't digest it all. We work so hard, as long as we can earn real money, that's good enough."
In October 2025, Cao Dewang resigned as chairman of the company, officially passing the baton to his son, Cao Hui.
When asked if Fuyao would face anti-monopoly risks, Cao Hui said a large market share does not equal a monopoly.
Despite global auto production declining for the second consecutive year in 2025, Fuyao Glass's revenue and profit increased instead of decreasing. Fuyao's 2025 annual report shows full-year revenue reached 45.787 billion RMB (about 211.5 billion NTD), a year-on-year increase of 16.65%; total profit realized was 11.16 billion RMB, a YoY increase of 24.15%.
The annual report shows that Fuyao Glass America Inc. realized a revenue of 7.917 billion RMB, an increase of 25.43% over 2024; net profit was 884 million RMB, a massive surge of 40.91%. The US subsidiary's revenue accounts for about 38% of Fuyao's foreign revenue of 20.857 billion RMB.
Cao Hui stated in his message in the 2025 annual report that the normalization of low global economic growth in 2025, coupled with multiple uncertainties such as geopolitical conflicts and trade policy fluctuations, has brought challenges like weakened demand and rising costs to global supply chains and the auto industry. Facing a complex environment, Fuyao has risen to the challenge, overcome technical difficulties, and won tough battles one after another. (Editors: Yang Sheng-ru/Chiu Kuo-chiang) 1150422
(CNA, Taipei 22nd) Regarding US President Trump launching another round of tariff hikes in his second term, Cao Dewang, the founder of Fuyao Glass known as China's "Glass Tycoon," said yesterday that if faced with severe losses, Fuyao will absolutely not do a losing business; "if we encounter an unreasonable situation, worst comes to worst, I will just close the (US) factory."
According to reports by National Business Daily and Red Star News, Fuyao Glass held its 2025 annual shareholders' meeting on the 21st. Cao Dewang made the above remarks in response to shareholders' questions.
Fuyao Glass is a global leader in automotive glass. It pioneered entering the US market in 2013 by setting up a factory in Ohio. Of the products supplying the US auto industry, 70% are produced by Fuyao's US plant and 30% are exported from its Chinese plants. Trump initiated tariff wars twice during his presidency, and Cao Dewang had publicly criticized it several times before.
At yesterday's shareholders' meeting, an investor asked how to evaluate international geopolitical risks and the tariff war. When talking about the US imposing additional tariffs, Cao Dewang said bluntly: "I am a sole proprietor. If you don't let me make money, I just won't sell. How much tax you want to levy is your business."
Cao Dewang also said that if faced with severe losses, Fuyao will absolutely not do a losing business. "If we encounter an unreasonable situation, worst comes to worst, I will just close the (US) factory."
Chen Xiangming, CFO of Fuyao Glass, stated at the shareholders' meeting that although global auto production hasn't fully recovered to the historical high of 2017 (over 97 million vehicles), with 2025 production at over 92 million, Fuyao's market share is continuously rising. The siphon effect of leading enterprises is further manifesting.
Regarding future market demand, Cao Dewang predicts that the total number of cars globally will roughly remain around 90 million units a year and won't suddenly break through. Currently, Fuyao's global market share has reached over 35%; "It's no longer the time to simply compete on volume. No matter how much production capacity there is, the market can't digest it all. We work so hard, as long as we can earn real money, that's good enough."
In October 2025, Cao Dewang resigned as chairman of the company, officially passing the baton to his son, Cao Hui.
When asked if Fuyao would face anti-monopoly risks, Cao Hui said a large market share does not equal a monopoly.
Despite global auto production declining for the second consecutive year in 2025, Fuyao Glass's revenue and profit increased instead of decreasing. Fuyao's 2025 annual report shows full-year revenue reached 45.787 billion RMB (about 211.5 billion NTD), a year-on-year increase of 16.65%; total profit realized was 11.16 billion RMB, a YoY increase of 24.15%.
The annual report shows that Fuyao Glass America Inc. realized a revenue of 7.917 billion RMB, an increase of 25.43% over 2024; net profit was 884 million RMB, a massive surge of 40.91%. The US subsidiary's revenue accounts for about 38% of Fuyao's foreign revenue of 20.857 billion RMB.
Cao Hui stated in his message in the 2025 annual report that the normalization of low global economic growth in 2025, coupled with multiple uncertainties such as geopolitical conflicts and trade policy fluctuations, has brought challenges like weakened demand and rising costs to global supply chains and the auto industry. Facing a complex environment, Fuyao has risen to the challenge, overcome technical difficulties, and won tough battles one after another. (Editors: Yang Sheng-ru/Chiu Kuo-chiang) 1150422