BYD overtakes Volkswagen as the best-selling car brand in China, taking the lead in sales in the first quarter of 2023

BYD is said to have become China’s best-selling car brand, surpassing Volkswagen in the rankings for the first time in the first quarter of 2023. According to auto industry data compiled by Bloombergthe electric vehicle maker sold more than 440,000 vehicles in the domestic market in the first three months of the year, ahead of its German rival.

During the same period, Volkswagen – the best-selling car brand in China for at least the past decade and a half – sold 427,247 units under its brand, of which electric vehicles accounted for just 6 percent.

The company has acknowledged that the Chinese automaker is a strong competitor. “BYD is very, very strong,” Volkswagen CEO Oliver Blume said during Auto Shanghai 2023 earlier this month. However, he added that not everything is about volume. “We want the business to be successful and more importantly to be the best international corporation in China,” he said.

In 2022, BYD sells 1.86 million won all-electric and plug-in hybrid vehicles, more than the previous four years combined, outperforming Tesla’s 1.3 million. In the first quarter of that year, two out of every five new energy vehicles delivered in China were sold.

This year, the company sold nearly 550,000 vehicles globally in its first three months and is ramping up its overseas push, prioritizing Europe, Latin America and Europe. markets throughout Asia, in an attempt to increase its number. The brand said it is aiming to sell at least 3 million vehicles this year, possibly as many as 3.7 million, according to Bloomberg Intelligence analyst Joanna Chen.

The introduction of new models such as gulls will support that thrust. On April 19, the company said it had received more than 10,000 orders for its budget hatchback – which is under dolphin within its product line – within 24 hours after its pre-sale begins. Earlier this week, they reduced the price of Seagull 5,000 yuan (RM3,215) to attract more buyers.