BYD has leapfrogged Volkswagen to become the world’s third-largest automobile manufacturer by market value, according to the data released by CompaniesMarketCap.
Unsurprisingly, American EV automaker Tesla remains the most valuable car company worldwide with a $742.46 billion market cap. This is way ahead of second-placed Japanese auto giant Toyota which is valued at $228.44 billion, representing just about 30% of Tesla’s overall value.
Chinese automaker BYD has now grabbed the third spot with a total market value of $131.58 billion, surpassing Volkswagen in the process. Volkswagen Group and Mercedes-Benz take up fourth and fifth positions respectively, while BMW Group, General Motors, Ford, Stellaantis, and Honda fill up the remaining positions for the top 10 listing.
In recent times, BYD has shown strong signs of growth before overtaking Volkswagen in market value. BYD announced in April that it would completely stop selling conventional fuel-powered vehicles, focusing on pure electric and plug-in hybrid vehicles only, becoming the first traditional automobile manufacturer in the world to make this decision.
In terms of sales volume, BYD sold 114,183 vehicles in May this year, up 152.8% year-on-year. This included 60,834 DM (dual mode [plug-in hybrid]) models and 53,349 EVs. The hybrid and pure electric vehicles helped BYD’s sales volume achieve rapid growth since last year. Its minimum monthly sales volume in 2021 was only over 20,000 units, and one year later, BYD’s monthly sales volume has approached 120,000 units.
Related: BYD Now More Influential Than Tesla
It is precisely because of BYD’s strong growth that its share price continues to rise directly. After the sales volume was released in May, the market value of BYD’s A shares rose to 926.4 billion yuan ($139 million), almost equal to CATL’s 109 million yuan. Among Chinese car companies, BYD maintains a significant lead, as Great Wall Motors, which ranks second, is far behind at 11th place in terms of market value.
A 3d animation professional with over 20 years of industry experience having served in leading organizations & production facilities of Pakistan, an avid car enthusiast and petrolhead with an affection to deliver writings to help shape opinions. Formerly written for PakWheels as well as major publications including Dawn. Founder of CarSpiritPK.com