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In 2023, BYD overtook the Volkswagen Group to become the best-selling car brand in China, a significant achievement for the Chinese automaker. Registration data from the China Automotive Technology and Research Center revealed that BYD’s registrations in China reached 2.4 million vehicles, resulting in a market share of 11% nationwide, reflecting an increase of 3.2 percentage points.
This achievement highlights BYD’s successful focus on electric vehicles (EV) and its ability to outpace established global automotive names. BYD’s rapid rise is in line with a wider trend of Chinese car brands leading the way in developing affordable and high-tech electric vehicles that are finding increasing recognition on the international stage.
The data showed BYD overtook Volkswagen as China’s best-selling car brand for the entire year, a status VW has held since at least 2008. Although BYD has already overtaken VW on a quarterly basis in 2023, the latest development solidifies its position for the full year.
Global automakers, including Stellantis and VW, are increasingly turning to Chinese car companies to improve their electric vehicle strategies, recognizing the power of the Chinese market in driving electric vehicle adoption.
Among the top five brands, Toyota and Honda saw declines in both market share and sales volume, while local player Changan saw sales increase with a stable market share. The change in ranking shows a positive outlook for BYD and other Chinese automakers through 2024, with a 25% increase in total sales of electric and hybrid cars in China expected to reach 11 million units.
BYD’s global sales exceeded 3 million units, positioning it to enter the top 10 of global car sales charts for the first time, according to GlobalData. In the fourth quarter, BYD’s sales of electric vehicles alone surpassed those of Tesla, making it the world’s largest seller of electric vehicles during the period.
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