BYD has surpassed Volkswagen to become China’s bestselling car brand, taking the top spot for the first time in the first quarter of 2023. According to Bloomberg data, the electric vehicle automaker sold more than 440,000 vehicles in its home market in the first three months of the year, putting it ahead of its German rival.
During the same period, Volkswagen, the best-selling vehicle brand in China for at least a decade and a half, sold 427,247 units under its name, with EVs accounting for only 6% of total sales. The company has admitted that the Chinese automaker is a formidable competitor.
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“BYD is very, very strong,” Volkswagen CEO Oliver Blume stated earlier this month at Auto Shanghai 2023. However, he noted that volume was not everything. “We want to have a successful business, and it is more important for us to be the best international group here in China,” he stated.
BYD sold 1.86 million fully-electric and plug-in hybrid vehicles in 2022, more than in the previous four years combined, outpacing Tesla’s 1.3 million units. The automobiles it sold accounted for 2 out of every 5 new-energy vehicles sold in China in the first quarter of that year.
In the first three months of this year, the company sold about 550,000 automobiles internationally, and it has been stepping up its overseas push, favoring Europe, Latin America, and Asian markets. According to Bloomberg Intelligence analyst Joanna Chen, the company has stated that it expects to sell at least three million vehicles this year, and maybe up to 3.7 million units.
Newly launched models, such as the Seagull, will contribute to this push. On April 19, the automaker announced that it had received over 10,000 orders for its affordable hatchback, which sits below the Dolphin in the lineup, in the first 24 hours of its pre-sale. BYD also dropped the price of the Seagull by 5,000 yuan ($730) earlier this week in order to attract more buyers.
A computer animation professional with over 23 years of industry experience having served in leading organizations, TV channels & production facilities in Pakistan. An avid car enthusiast and petrolhead with an affection to deliver quality content to help shape opinions. Formerly written for PakWheels as well as major publications including Dawn. Founder of CarSpiritPK.com
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