BYD, the Chinese automotive giant, has dethroned Volkswagen Group to emerge as China’s reigning car brand in 2023. This remarkable shift in the automotive landscape is a result of BYD’s successful bet on electric vehicles and the substantial dividends it is reaping from the quickly changing market landscape.
BYD, which stands for “Build Your Dreams,” shipped 2.4 million vehicles in China last year. This phenomenal feat catapulted the company’s market share to 11%, marking an impressive increase of 3.2 percentage points.
The rise of BYD signifies more than just a change in rankings; it embodies the profound lead that Chinese automakers have established in crafting affordable and cutting-edge EVs, which are rapidly gaining popularity all over the world. Now, even venerable automakers such as Stellantis and VW are turning to Chinese car companies for help with their EV development.
Source: Bloomberg
While BYD had already surpassed VW as China’s best-selling car brand on a quarterly basis earlier in the year, the latest data shows it managed to stay ahead for the full year. VW had held the coveted title of China’s best-selling brand since at least 2008, according to CATRC information.
Meanwhile, Toyota and Honda, who are particularly slow in electrifying their lineups, witnessed their market shares and sales volumes decline.
Taking a closer look at BYD’s global expansion, its worldwide sales have surged past the 3 million mark, positioning it on the cusp of entering the prestigious top 10 rankings of global auto sales. BYD’s EV-only sales in the fourth quarter were sufficient to surpass Tesla as the largest maker of pure electric cars globally. The company overtook Tesla in volume a while back, but part of its sales are EREVs.
