2024-01-24 20:53:00
BYD has surpassed Volkswagen as the best-selling car brand in China. The German company had been the sales leader in the country since 2008. According to data from the China Automotive Research and Technology Center and Automotive News, BYD recorded the sale of 2.4 million new cars, surpassing by a small margin the 2. 3 million from Volkswagen, which showed a drop of 0.2% compared to the previous year.
The China Passenger Car Association reported even more favorable figures for BYD, indicating sales of 2.57 million new vehicles in 2023.
The company dominated the Chinese automotive market, experiencing a 62% increase in sales compared to 2021. This robust performance resulted in a triple increase in profits, reaching US$1.5 billion in the first half of last year alone.
Standing out in the electric vehicle segment, BYD sold 1.6 million electric cars in 2023, contributing to a global total of over 3 million, including hybrids and electrics. This feat highlights Chinese consumers’ preference for more affordable and technologically advanced options offered by local manufacturers.
Volkswagen, which led sales in China for more than a decade, faced the rise of domestic automakers. The German company responded by announcing a specific platform for electric cars adapted to the Chinese market, as well as a strategic partnership with Chinese manufacturer Xpeng to boost sales of electric vehicles in the country.
The Chinese automotive market continues to expand, with local automakers combined selling 9.4 million EVs and hybrids in 2023, a significant increase from the 6.9 million units sold in 2022, according to data from the China Association of Manufacturers of Automobiles. Projections indicate that these numbers could exceed 11.5 million by 2024, highlighting the growing demand for electrified vehicles in China.
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