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BYD will overtake Volkswagen to become China’s best-selling car brand in 2023, demonstrating its successful investment in electric vehicles in the world’s largest car market.
According to data from the China Automotive Technology and Research Center, BYD added 2.4 million new domestic car insurance registrations last year, with a market share of 11%，同比增长3.2% This reflects the leading position of Chinese car brands in the field of high-tech electric vehicles, which is internationally recognized. BYD has overtaken Volkswagen to become the best-selling brand of the year, marking the rise of the Chinese manufacturer.
Electric and hybrid vehicle sales in China are expected to grow by 25% to 11 million units in 2024. BYD’s global sales exceeded 3 million units, and its pure electric sales surpassed Tesla for the first time in the fourth quarter, becoming the world’s largest seller.
(Source: Bloomberg Image source: unsplash)
