BYD becomes China’s best selling car brand

By Sama Mousa On Jan 23, 2024

BYD becomes China's No.1 best-selling automaker, overthrowing Volkswagen

BYD Co. has overthrown Volkswagen AG to become China’s best-selling car brand in 2023, Bloomberg reported on Tuesday.

The Shenzhen-based BYD reached its new spot by recording 2.4 million car insurance registrations in 2023, with a countrywide market share of 11 per cent, going up by 3.2 per cent year-on-year.

According to Bloomberg, this increase in BYD’s sales shows the wider lead in Chinese automakers to develop affordable and high-tech EVs.

Volkswagen was China’s top selling car brand since 2008.

Among other top five brands in China are Toyota Motor Corp. and Honda Motor Co.