China's largest automaker, BYD, has overthrown Volkswagen Group to become the country's top automaker in 2023. Due to BYD's profitable electric vehicle wager and the significant profits it is making from the rapidly shifting market, there has been a notable change in the automotive industry.
In China last year, BYD, which stands for "Build Your Dreams," shipped 2.4 million cars. The company's market share increased by 3.2 percentage points to 11% as a result of this remarkable accomplishment.
More than just a shift in the rankings, BYD's ascent represents the significant advantage Chinese automakers have established in producing reasonably priced, state-of-the-art electric vehicles (EVs), which are gaining traction globally at a rapid pace. Chinese automakers are now being turned to by even the most prestigious automakers, like VW and Stellantis, for assistance in their EV development.
Although BYD had already overtaken VW as the best-selling auto brand in China on a quarterly basis earlier in the year, the most recent data indicates that it was able to maintain its lead throughout the entire year. Information from CATRC indicates that VW has been China's best-selling brand at least since 2008.
In the meantime, market shares and sales volumes declined for Toyota and Honda, two companies that are especially sluggish to electrify their lineups.
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. With its fourth-quarter EV-only sales, BYD overtook Tesla as the world's largest manufacturer of fully electric vehicles. The company previously surpassed Tesla in volume, but EREVs make up a portion of its sales.
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