BYD was the fourth best-selling global car brand in August, according to TrendForce statistics that consolidated data from 37 principal markets in the world. Of the 5.55 million cars sold globally in that time period, BYD managed to capture 4.8% of the market share, representing a 5% month-on-month increase in car sales over July, and now trails third-place Honda by just 0.1% in market share.
The Chinese carmaker’s August performance also means that it has now surpassed American automotive giant Ford, who fell to sixth as a result of its 6.7% drop in sales.
Much of BYD’s success stems from its performance in its domestic market, where it secured an 11.98% (230,077 units) market share out of a total of 1.92 million new cars delivered in August, making them the best-selling car brand in China ahead of Volkswagen and Toyota.
Outside of China, BYD has also exported more than 150,000 vehicles in the last 12 months. The third quarter of 2023 was a particular strong period for its exports business, accounting for 9% of the brand’s total sales (up from 5% in the previous quarter) according to Bloomberg Intelligence analyst Joanne Chen.
On the topic of EVs, Tesla’s downturn in the third quarter of 2023 means that BYD is now just a whisker away from taking the global EV crown.
The Chinese carmaker sold 431,603 fully electric vehicles in the three months ending 30 September, up 23% from the second quarter of the year. Tesla – in its first delivery decline in more than a year – delivered 435,059 cars globally in the quarter, bringing the gap between the two to just 3,456 units – the narrowest it’s ever been yet.
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The Chinese carmaker’s recent push into overseas markets has certainly resulted in a positive return, with many of its models taking the EV crown in several countries, including here in Malaysia with the BYD Atto 3.
Export markets will continue to be a key volume driver for BYD, as it further expands its global presence to supplement the brand’s dominance in China. Following the launch of the BYD Dolphin in July this year, the company is now set to unveil the Seal EV sedan here in Malaysia in the coming months, after making its regional debut in Singapore and Thailand.
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