In 2023, BYD showcased its remarkable performance, selling 3.02 million vehicles and securing the top spot in the Chinese market. Notably, its exports surged by 334% year-over-year, making it the fastest-growing car manufacturer among the top ten global brands.

This achievement signifies that one in every five new energy vehicles (NEVs) sold globally and one in three hybrids worldwide is a BYD. Within China, BYD claims one in three NEV sales and one in two plug-in hybrid sales.

This victory marks the end of a 39-year dominance by joint venture brands in the Chinese market, a monumental shift for local manufacturers. BYD stands out as the first and only Chinese brand to enter the global top ten auto sales list, with a continuously growing market share among these elite ranks.

BYD’s strategy of “lower price, no lower specs” is backed by its entry into the global top ten in sales, a testament to its leadership in the NEV sector.

BYD has sold over 3.2 million plug-in hybrid models to date, and in the fourth quarter of 2023, its pure electric vehicle (EV) sales surpassed Tesla, claiming the title of global leader in EV sales.

Several BYD models have dominated their respective segments: the Seagull leads in the A00 category, while the Yuan PLUS and Song PLUS are champions in the A-level pure electric and SUV categories, respectively.

The Qin family tops sedan sales, and the Tang DM9 is the leader in the MPV segment, securing BYD’s position as a “top scholar” across various markets.

BYD’s sales achievements are underpinned by its multifaceted strength.

In 2023, the company unveiled groundbreaking technologies like Yi Si Fang, Yun Nian, and DMO, and in early 2024, it announced a new strategy for the intelligent development of NEVs.

Backed by 11 research institutes, over 90,000 engineers, and cumulative R&D investments exceeding 100 billion, BYD’s innovations are well-supported.

BYD’s control over product pricing and its comprehensive industry chain integration, coupled with the benefits of scale, have enhanced its cost-control capabilities.

This strategic advantage not only secured BYD’s leading position in China’s auto market in 2023 but also allowed it to launch an array of “Glory Edition” models in 2024, challenging joint venture fuel vehicles in a significant battle.

One in four cars sold in China was an EV, highlighting the country’s vibrant EV market. Interestingly, plug-in hybrid EVs (PHEVs) increased their share to 24%, while battery EVs (BEVs) saw a decrease.

BYD, Wuling, Chery, Changan, and GAC are some of the top Chinese brands that dominate the EV market, with local brands commanding 81%.

Furthermore, the study shows that China accounts for nearly 59% of the global EV sales volume, making it the second fastest-growing market among the world’s top 10 EV markets. In contrast, Japan was the fastest-growing market, with a YoY growth of 119%.

Counterpoint forecasts that EV sales will exceed eight million units in 2023. However, phasing out subsidies and EV players’ wealth could lead to a price war as brands fight for market share.

Meanwhile, in 2022, BYD increased its market share by over 11% YoY, with six out of the top 10 EV models in the Chinese market coming from the brand. In comparison, Tesla’s market share dropped by nearly 5% YoY due to production halts in April and May 2022.

Moreover, the availability of a limited product mix, increased costs due to a problematic supply situation, competition from affordable options offered by EV start-ups, and domestic sentiment hindered Tesla’s efforts to solidify its position in the Chinese market.

In Q4 2022, the BYD Song overtook the Wuling Hongguang MINI EV as the top-selling EV model, ending the latter’s eight-quarter reign in the market. The top 10 EV models accounted for almost 45% of the total EV sales, indicating that new start-ups are offering intense competition to established players.

China has surpassed Germany as the world’s second-largest auto exporter. Analysts said that China’s auto exports are also approaching Japan, and it may win the title of the world’s largest auto exporter in the next few years.

Regarding vehicle types, 2.529 million passenger cars were exported, up 56.7% year on year, and 582000 commercial vehicles were exported, up 44.9% year on year.

The export of new energy vehicles reached 679,000, up 120% year on year. Since 2021, China’s total export of automobiles exceeded 2 million for the first time, breaking the previous situation of hovering around one million vehicles and achieving a leapfrog breakthrough.

China has been the world’s largest auto market since 2009. However, China’s auto consumption market has long been dominated by foreign brands such as Volkswagen, General Motors, BMW, and Benz.

In the past two years, with the overall rise of domestic cars, local Chinese brands such as BYD and Geely have accelerated their efforts to seize the domestic market and promote them globally. Today, BYD is a leading brand in the domestic new energy vehicle market, and the joint venture brand is hard to catch up quickly.

The number of new energy passenger vehicles in the world reached 6.96 million from January to September 2022, with a year-on-year growth of 69%. The sales volume in September was 1.05 million, up 63% year on year.

In September 2022, China’s share of new energy vehicles in the world was 67%.

The number of commercial vehicles in the world’s new energy vehicles market is less than 4%, with new energy passenger vehicles as the main segment. From January to September 2022, China’s new energy passenger vehicles accounted for 62% of the world’s new energy vehicle market, which is mainly due to the strong demand for the new energy market in China.

While the production and sales of traditional vehicles and new energy vehicles in Europe are low, so China’s development is very strong.

According to the data of the Passenger Transport Association, the wholesale sales of new energy passenger vehicles in September reached 675000, up 94.9% year on year and 6.2% month on month.

From January to September, 4341,000 new energy passenger cars were wholesale, up 115.4% year on year. In September, the retail sales of new energy passenger vehicles reached 611,000, with a year-on-year growth of 82.9% and a month-on-month growth of 14.7%.

From January to September, the domestic retail sales of new energy passenger vehicles reached 3.877 million, with a year-on-year growth of 113.2%.

Forecast of China’s digital automobile and transportation market 2021-2025

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