Last year, China's massive BYD surpassed Volkswagen to become the country's best-selling auto brand. This is the first time since at least 2008 that an automaker has outsold a German brand in China.
Data from the China Automotive Technology and Research Center shows that BYD recorded 2.4 million new car registrations in China last year. According to Automotive News Europe, BYD now holds an 11% overall market share in China, an increase of 3.2 percentage points.
Earlier in the year, BYD surpassed VW as the best-selling auto brand in China on a quarterly basis; the latest data indicates that this trend continued for the whole year.
Volkswagen, on the other hand, sold almost 2.3 million cars in China last year, a 0.2% decline from the previous year and a 10.27% market share. Car News China reports that further statistics from the China Passenger Car Association shows that 2.57 million new cars were sold by BYD, accounting for an 11.85% share.
In contrast to Tesla's 1.8 million total BEV sales last year, BYD sold 1.6 million entirely battery-electric vehicles. BYD sold an astounding 3 million cars in 2023 when total sales of all so-called new energy vehicles—including battery-only and plug-in hybrids—were added up.
Sales of BYD, the leading carmaker in the largest vehicle market globally, increased by a staggering 62% in 2022 compared to the previous year. Car News China reports that in the first half of last year, BYD increased its earnings to $1.5 billion.
It goes without saying that the Chinese EV market is expanding, but the statistics are very startling. An increase from 6.9 million in 2022 to around 9.4 million EVs and hybrids sold last year is anticipated by Chinese automakers, based on statistics from the China Association of Automobile Manufacturers. Those figures are predicted to increase to 11.5 million by 2024.
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