BYD Co Ltd, a major Chinese new-energy vehicle manufacturer, said on Monday it plans to sell 1 million electric vehicles by 2020, betting big on the booming industry.

"I see no reason why demand is not growing. With the falling price of electric cars and charging infrastructure in place, there will be more buyers choosing the green path," said Wang Chuanfu, the company's founder and chairman.

He made the remarks at the three-day Tianjin Davos Forum.