BYD has surpassed Volkswagen as China's best-selling car brand by 2023, according to Bloomberg, a clear sign that BYD's all-out bet on electric vehicles is paying off and helping it surpass some of the world's biggest established car brands.
In 2023, BYD's market share in China rose 3.2 percentage points to 11 percent from 2.4 million insured vehicles, according to the China Automotive Technology and Research Centre. Volkswagen's market share in China slipped to 10.1%.Toyota Motor Corp. and Honda Motor Co. were among the top five brands in terms of market share and sales in China. Changan's market share in China was flat, but it also benefited from increased sales.
BYD's rapid rise reflects a broader lead by Chinese car brands in developing affordable, high-tech electric vehicles. Chinese brands are also rapidly gaining international recognition for their electric vehicles, with Stellantis and Volkswagen Group working with Chinese automakers to energize their electric vehicle strategy.Earlier last year, BYD overtook Volkswagen as China's best-selling car brand in terms of quarterly sales, but the latest figures show that BYD has also overtaken Volkswagen in full-year sales. Volkswagen has been China's best-selling car brand since at least 2008, when the China Automotive Technology and Research Center began providing data.In 2024, total sales of electric and hybrid vehicles in China are expected to increase by 25% year-on-year to 11 million units. The shift in rankings bodes well for BYD and other Chinese automakers.According to GlobalData, BYD is expected to break into the top 10 of global auto sales for the first time, with sales of more than 3 million vehicles worldwide in 2023. In the fourth quarter of 2023, BYD surpassed Tesla in sales of battery electric vehicles for the first time, making it the world's largest seller of battery electric vehicles.
Post time: Jan-31-2024