BYD beats Volkswagen as China’s best-selling car brand (2024)
By: Bloomberg | Updated on: 26 Apr 2023, 09:02 AM
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BYD sold 1.86 million vehicles in 2022, more than it did in the previous four years combined.
BYD Seagull electric car displayed at the Shanghai Auto Show in China.
BYD Co. is China’s best-selling car brand for the first time, dethroning Volkswagen AG as it continues its meteoric rise. The Warren Buffett-backed electric-vehicle maker leapfrogged its German rival in the first quarter, selling more than 440,000 cars in China, according to automotive industry data compiled by Bloomberg. BYD Chairman Wang Chuanfu said last month he aimed to overtake Volkswagen by the end of 2023.
Volkswagen had been the best-selling brand among automakers in China since at least 2008, when data from the China Automotive Technology and Research Center became available. Vehicle sales under the Volkswagen brand totaled 427,247 units in China in the first quarter, with EVs accounting for only 6%.
The trend reflects the declining influence of legacy foreign brands as Chinese EV makers muscle in with increasingly sophisticated — and affordable — models.
“BYD is very, very strong," Volkswagen Chief Executive Officer Oliver Blume said during an event at the Shanghai auto show this month. “In the end, not everything is about volume. We want to have a successful business, and it is more important to be the best international group here in China."
Shenzhen-based BYD sold 1.86 million vehicles in 2022, more than it did in the previous four years combined. And it accounted for two in every five new-energy car sales in China in the first quarter.
BYD sold almost 550,000 cars globally in January-March, more than all of the passenger vehicle registrations in the UK in that period. The automaker has been intensifying its push overseas, prioritizing Europe, Latin America and markets around Asia. BYD doesn’t have any current plans to sell its electric passenger cars in the US, Wang said last month.
BYD has said it aims to sell at least 3 million vehicles this year, possibly as many as 3.7 million, according to Bloomberg Intelligence analyst Joanna Chen.
The company is due to report first-quarter results Thursday. BYD’s shares are up 16% in Hong Kong this year, giving it a market value of about $95 billion versus Volkswagen’s $77 billion. Tesla Inc.’s stands at $515 billion.
BYD had overtaken VW as China's best-selling car brand on a quarterly basis earlier last year but later data show that's now its status on a full-year basis. VW was China's best-selling brand since at least 2008, when CATRC information became available. Among the other top five brands, Toyota Motor Corp.
BYD officially overtook Volkswagen as China's best-selling car brand in 2023, clear evidence its all-in bet on electric vehicles in the world's biggest automobile market is paying dividends and helping it pass some of the world's biggest legacy names.
Chinese automaker BYD leads the way, achieving sales of 2,571,109 vehicles in 2023, a year-on-year increase of 43.3%. BYD has ranked first in sales of Chinese automobile brands for four consecutive quarters, with a market share of 11.85% this quarter.
In the pure electric vehicle segment, BYD continued its leadership with sales of 98,423 units, capturing a 26.18% market share. Tesla, with sales of 39,881 units, ranked second, achieving a 10.61% market share in the EV category.
As the top car brand from China, BYD (whose brand value increased by 20 percent year-on-year to $12.1 billion) surpassed Tesla in electric vehicle production in the fourth quarter of 2023. 19 of the 22 brands are recorded to have increased their brand strength, according to the research.
Instead of relying on other companies for parts, BYD managed to crack the code of producing EVs cheaply in part by making most of its own components. The company is able to offer a wide range of affordable EVs at low prices, maximizing sales (if not revenue) while expanding its footprint in new markets.
BYD was the first automaker in the world to master the three core technologies of new energy-powered vehicles, including battery, electric motor and electric control.
In 2023, Ford remained the leading car brand in the United States based on vehicle sales, delivering about 1.9 million units to U.S. customers. The United States is the largest market for Ford: wholesales to U.S. dealerships reached over two million vehicles in 2022.
SAIC Motor Corp Ltd, China FAW Group Co Ltd, BAIC Motor Corporation Ltd, BYD Co Ltd, and Dongfeng Motor Group Co Ltd are the largest 5 automotive OEMs in China in 2021 by revenue.
BYD overtook Tesla to become the world's biggest electric car company in the final quarter of 2023. The Chinese company sold a record number of cars last year, including 525,409 battery electric vehicles (BEVs) in the three-month period to December 31, according to a stock exchange filing.
China's BYD is the world's biggest electric car maker — but it's not coming to America anytime soon. China's BYD passed Tesla as the world's top EV seller last year. Just don't count on the carmaker cracking the US market anytime soon.
BEIJING — BYD produced more than 3 million new energy vehicles in 2023, surpassing Tesla 's production for a second straight year. Tesla said Tuesday it produced 1.84 million cars in 2023. Most of BYD's cars sell in a lower price range than Tesla's, and come in hybrid versions in addition to battery-only powered cars.
The annual rankings are established through the results of surveys taken by over 1,200 senior business executives. BYD came in ranked overall as China's 11th most admired brand, ten spots above The Fuyao Group who occupied the 21st spot.
BYD (short for Build Your Dreams) surpassed Volkswagen AG as the top-selling vehicle brand in China last year, a title the German company held for at least 15 years, and it's recently overtaken Tesla Inc.
BYD Co.officially overtook Volkswagen AG as China's best-selling car brand in 2023, clear evidence its all-in bet on electric vehicles in the world's biggest automobile market is paying dividends and helping it pass some of the world's biggest legacy names.
BYD, whose investors include US investment titan Warren Buffet, wants electric and hybrid vehicles to lead its sales by 2035. That push saw it announce sales of 526,409 all-electric cars in the fourth quarter of 2023 -- surpassing Tesla's 484,507 in the same period.
China remains by far BYD's largest market. Out of more than 3 million new energy passenger vehicles the company produced last year, just over 242,000 went overseas. The rapid growth of BYD and other Chinese electric car companies has other automakers worried.
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