After surpassing Tesla, BYD has now surpassed Volkswagen.

BYD's road to glory continues. After surpassing Tesla in sales, BYD has now defeated Volkswagen AG, which has held the top spot in the Chinese market for fifteen years. The era of dominance by traditional fuel-powered cars has officially come to an end.

According to data from the China Automotive Technology and Research Center (CATRC) cited by the media, BYD had 2.4 million new car insurance registrations in China last year, with a national market share of 11%, an increase of 3.2 percentage points compared to the previous year.

Earlier last year, BYD's quarterly sales had already surpassed Volkswagen AG. The latest annual data shows that BYD has become the best-selling brand in the Chinese car market in 2023, dethroning Volkswagen AG, which had held the top spot since 2008.

According to data from GlobalData, BYD's global sales exceeded 3 million vehicles in 2023, and it is expected to enter the top ten in the global car sales rankings for the first time. In the fourth quarter of last year, BYD's sales of pure electric vehicles surpassed Tesla, making it the world's highest-selling electric car company.

Behind BYD's rapid rise is the comprehensive leadership of Chinese domestic car brands in the field of electric vehicles. These electric cars are quickly gaining international recognition. Companies such as Stellantis NV and Volkswagen AG are now seeking partnerships with Chinese car companies to accelerate their electrification transformation.

In 2024, the overall sales of electric and hybrid cars in China are expected to increase by 25% to reach 11 million vehicles. It is foreseeable that Chinese domestic brands will occupy a larger market share in this growth.