A dizzying pace of development
According to data from the China Center for Automotive Technology and Research, BYD based in Shenzhen recorded 2.4 million new registrations of domestic motor insurance last year. This means an increase in share in the nationwide market by 3.2 percentage points. to the level of 11 percent
The Chinese automaker is growing at a breakneck pace, reflecting Chinese car brands’ leadership in developing affordable and technologically advanced electric vehicles that are rapidly gaining international acceptance.
Currently, companies such as Stellantis and Volkswagen, are looking to Chinese manufacturers to breathe life into their own electric vehicle strategies.
BYD closes 2023 as the top car brand in China / Bloomberg
BYD is ahead of Volkswagen
Early last year, BYD overtook VW as the best-selling car brand in China on a quarterly basis. The latest data shows that BYD has also been the best-selling brand in the Middle Kingdom in the annual ranking since at least 2008, when CATRC information was made available.
Among the remaining five largest brands, they recorded a decline in share and sales volume on the Chinese market Toyota and Honda.
However, another Chinese manufacturer, Chongqing Changan Automobile, despite increased sales, maintained its market share at an unchanged level.
The change in rankings bodes well for BYD and other Chinese automakers heading into 2024. The overall sales of electric and hybrid vehicles in the country will increase by 25%. up to 11 million pieces.
According to GlobalData, BYD’s global sales exceeded 3 million. A result at this level gives a chance that BYD will enter the list of the 10 best-selling car brands in the world for the first time in history.
