The automotive market is a place where everyone knows their position. German and Japanese carmakers are at the top, with American and South Korean carmakers following their lead. However, according to data from TrendForce, the Chinese company BYD has disrupted the status quo with its latest sales results.
BYD is the 4th best-selling carmaker
Data for August of this year shows that global car sales in 37 principal markets reached 5.55 million units. BYD achieved a 5% increase in car sales, while Ford witnessed a 6.7% decline in the same time period. This means BYD surpassed Ford to become the fourth-largest global car brand in terms of sales.
BYD owes this success to its domestic market, where it dominates with almost a 12% market share. In August 2023 alone, a whopping 1.92 million new cars were sold in China. This means that BYD sold 230,000 vehicles during that month.
Although this company sells most of its cars in the Chinese market, it is also successful in the global market. Analysts anticipate BYD’s export volume reaching a striking 300,000 cars this year.
Europe is an important market for Chinese carmakers
With the ongoing energy crisis in Europe caused by the Russian invasion of Ukraine, more and more Europeans are switching to electric vehicles. They are also postponing buying new cars because of their high prices, and that is where BYD sees its chance.
BYD’s latest electric vehicles are equipped with advanced blade battery technology, which is a strong selling point. Even Tesla uses BYD’s batteries in some models. Not to mention that BYD vehicles are significantly cheaper than their European counterparts, offering the same quality and luxury at the same time.
We will soon witness even more perturbations in the market, this time with BYD and other Chinese EV makers challenging some of the German and Japanese heavyweights. From the consumer’s perspective, I’m looking forward to it.
Featured image credit: BYD