On January 23, Beijing time, according to US media reports, BYD officially surpassed Volkswagen to become China's best-selling car brand in 2023. The change is a clear sign that BYD's all-out bet on electric vehicles in China, the world's largest car market, is paying off, helping it overtake some of the world's best-known car brands.
According to data from the China Automotive Technology and Research Center (CATRC),BYD registered 2.4 million new car insurances in China last year, bringing its national market share to 11%, a year-on-year increase of 3.2 percentage points.Volkswagen ranked second, with a share of 10.1%, a year-on-year decrease of 0.7 percentage points.
BYD's China share exceeds that of Volkswagen
In fact, in the first quarter of last year, BYD's car sales surpassed Volkswagen's and became China's best-selling car brand.But in terms of annual car sales, 2023 will be the first time BYD surpasses Volkswagen.Volkswagen has been China's best-selling car brand since at least 2008, when CATRC began publishing car statistics. BYD also surpassed Tesla in the fourth quarter of last year in terms of pure electric vehicle sales.
Among the top five automobile brands in China, Toyota Motor, Honda Motor and Changan Automobile rank third to fifth respectively, with market shares of 7.8%, 5.6% and 4.6% in 2023.Last year, Toyota and Honda's sales and market share both declined, while Changan's sales increased but their market share remained the same.The change in rankings bodes well for BYD and other Chinese automakers.Overall sales of electric and hybrid vehicles in China are expected to grow by 25% in 2024, reaching 11 million vehicles.