BYD Surges Ahead of Volkswagen to Claim Top Spot in Chinese Auto Market

Recent data from the China Automotive Technology and Research Center (CATRC) has unveiled a significant shift in the dynamics of the Chinese auto industry. BYD is set to register an unprecedented 2.4 million new car insurance policies by 2023 propelling its market share to 11%, marking an impressive 3.2 percentage point increase from the previous year. 

Notably, BYD has surpassed automotive titan Volkswagen, whose market share in China stands at 10.1%. This achievement solidifies BYD's position as the new domestic auto market leader with Toyota, Honda and Changan occupying the top three to five positions in the domestic market share. 

BYD's sales performance in 2023 is underscored by the sale of 3,024,417 cars, reflecting a remarkable 61.9% increase from the previous year. The company's global footprint has expanded as well, with exports reaching 242,765 cars—a staggering 334.2% year-on-year increase. 

In comparison, the Volkswagen Group reported a total of 3.236 million new cars delivered in China in 2023, marking a modest 1.6% increase. The flagship Volkswagen brand contributed 2.3986 million vehicles to this figure, holding steady with a 2.3986 million year-on-year increase. Meanwhile, the Audi brand experienced notable growth, delivering 728,600 vehicles—an impressive 13.5% rise compared to the previous year.