BYD becomes the world’s 5th largest automaker

At the end of July 2023, BYD officially became the world’s 5th largest automaker with 4.7% market share. The Chinese manufacturer is the only one among the world’s top ten groups to sell only electrified vehicles.

BYD, an increasingly serious competitor

If BYD’s sales are concentrated for the moment for the most part on China, the manufacturer has not finished talking about him. Over the months, the Chinese automotive giant is increasing its efforts to accelerate exports to Europe, South America and the Middle East. Between January and August 2023, BYD delivered 1,792,184 vehicles, an increase of 83% over the same period in 2022. The brand could surpass 3.6 million units by the end of the year. year.

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In July, global car sales, electrified and thermal vehicles combined, amounted to 5.44 million units. That is a decrease of 10% compared to June. The report of TrendForce which counts sales of new vehicles in 37 markets, shows that Top 10 automakers collectively account for 50.7% of total shipments “. The big names in the industry are grabbing shares from the smaller ones.

The Chinese brand progresses into the top 10

Toyota retains the lead with 10.2% of the global market despite a slight drop in sales over the period. The South Korean brand is followed by Volkswagen (6.6%), Honda (5%), Ford (4.9%), BYD (4.7%), Hyundai (4.3%), Suzuki (4. 1%), Chevrolet (3.8%), Kia (3.7%) and Nissan (3.5%). The Chinese brand, the most distributed in China, is progressing in the world top 10 over the months. Its share should continue to increase, in particular thanks to its strategy of expansion outside its domestic market.

TrendForce data // Chart: CnEVPost

If we focus on the 100% electric vehicle (BEV) market, Tesla and BYD are the two main players in the global market. Tesla’s share is 20% in the second quarter (with 466,140 electric vehicles delivered), while BYD’s is 15%. Sales driven by the fall in prices practiced on the entire Tesla range, and in particular the 3 and Y. Tesla wants to sell 1.8 million electric cars in 2023. There is still a long way to go.

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