With global sales exceeding 3 million units in 2023, BYD is expected to enter the top ten global car sales list for the first time. The annual sales volume in the Chinese market has surpassed that of Volkswagen.
BYD's coronation path continues. After surpassing Tesla in sales, BYD also defeated Volkswagen, which has been the top seller in the Chinese market for 15 years, and the era of fuel vehicle dominance has officially come to an end.
According to media quoting data from the China Automobile Technology Research Center (CATRC), BYD's domestic new car insurance registrations reached 2.4 million vehicles last year, and the national market share reached 11%, an increase of 3.2 percentage points over the previous year.
Earlier last year, BYD's quarterly sales surpassed that of Volkswagen, and according to the latest annual data, BYD became the best-selling brand in the Chinese car market in 2023, beating Volkswagen, which has been at the top of sales since 2008.
According to GlobalData, BYD's global sales volume will exceed 3 million units in 2023, and is expected to enter the top ten global automobile sales list for the first time. In the fourth quarter of last year, BYD surpassed Tesla in pure electric vehicle sales to become the world's highest-selling electric vehicle company.
Behind the rapid rise of BYD is the all-round leader of China's autonomous car brands in the field of electric vehicles. These electric vehicles are rapidly gaining international recognition. Companies such as Stellantis NV and Volkswagen are now seeking cooperation with Chinese car companies to accelerate the electrification transition.
Entering 2024, the overall sales volume of electric vehicles and hybrid vehicles in China is expected to increase by 25% to reach 11 million units. It is foreseeable that China's own brands will occupy more of the market share.