Chinese automaker BYD witnessed remarkable success in 2023, making significant strides in various global markets and achieving a notable milestone by surpassing the Volkswagen Group to become the top-selling brand in China.
According to data from the China Automotive Technology and Research Center, BYD recorded registrations of 2.4 million vehicles in China last year, capturing an 11% share of the new car market. This marked a notable 3.2% increase from 2022 when BYD was in close competition with Toyota for the second spot, trailing behind the Volkswagen Group.
BYD's ascendancy has been rapid, with sales soaring over the past few years, particularly driven by the introduction of compelling plug-in hybrid and battery-electric vehicles. In 2023, the company achieved a total sales figure of 3,024,417 vehicles, comprising 1.57 million battery-electric vehicles and 1.4 million plug-in hybrids. Although falling slightly short of Tesla's 1.8 million electric vehicles sold in the same period, BYD managed to outsell its American rival in electric vehicles during the fourth quarter. This impressive sales performance also secured BYD a spot among the world's top 10 largest car manufacturers.
Looking ahead to 2024, BYD's diverse range of brands is poised for further growth with the anticipated launch of new models such as the YangWang U8 and Fang Cheng Bao 5, which may soon be available in the European market. Notably, BYD recently added to its infrastructure by acquiring a cargo ship capable of transporting 7,000 vehicles at a time.