Although BYD was already the best-selling brand in China, it reached a significant milestone last month. After overtaking SAIC, BYD is now the largest automobile group in China.
BYD overtakes SAIC to become China's largest auto group
After a 62% increase in car sales, with more than 3 million cars sold last year, BYD has become the best-selling company in China.
Last month, BYD reached an even more important milestone. BYD is now the largest car group in China after it was overtaken by SAIC in September. The milestone is significant, as SAIC has joint ventures with leading car manufacturers around the world, including Volkswagen GM.
BYD Group sold 419,426 vehicles last month, a 45% increase from September 2023. The numbers include BYD's Denza, Fang Cheng Bao, and Yangwang.
September was BYD's fourth consecutive record-breaking sales month. Despite the entry of new competition and the escalating price war in China, BYD is still taking market share.
BYD's cheapest electric car, the Seagull, was China's best-selling EV in August, with 40,949 units sold. In September, BYD sold another 43,425 Seagull models.
The BYD Seagull starts at less than $10,000 (69,800 yuan) in China and is already stealing market share overseas.
Meanwhile, SAIC is struggling to keep pace. Its joint venture with GM, SAIC-GM-Wuling, is a big reason as sales fell 35% in September, with 313,260 units sold.
In September, SAIC sold 2,649,333 cars (-21.5% YOY) in China, following BYD, which sold 2,747,875 cars (+32% YOY). BYD's September production numbers also now surpass SAIC's.
Electrek's Take
BYD continues to grow in China despite its increasingly competitive market. With low-cost EVs like the Seagull, Dolphin, and Yuan Plus, BYD leads the market.
Although BYD is best known for its affordable cars, the automaker is rapidly expanding its lineup with new trucks, luxury SUVs, and large electric vehicles.
BYD is also looking overseas to boost future growth. The company is already the leading EV brand in key automotive regions such as Southeast Asia and Latin America. With new plants planned in Hungary, Pakistan, Mexico, and Turkey, BYD is laying the groundwork for continuing its outstanding expansion.
After outselling Honda and Nissan for the first time in Q2, BYD became the seventh largest car manufacturer in the world. Will it continue to increase car standards around the world? With new technology and cost-cutting batteries, BYD is ready for action.
Source: CarNewsChina
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