Chinese electric automaker BYD’s global market share reached 4.7% in July, CnEVPost reports. This significant achievement enabled the Chinese brand to become the fifth-largest automaker globally. Moreover, it was also the only new energy vehicle maker that got in the top 10.
According to TrendForce’s September 1 report, global vehicle sales reached 5.44 million units regardless of powertrain in July 2023. This figure represents a month-on-month decline of 10% from June.
BYD’s performance
According to the report, BYD sold 1,792,184 NEVs from January to August. Of that total, passenger cars accounted for 1,783,352. Meanwhile, its commercial vehicle models sold 8,832 units.
BYD’s passenger BEV sales sold 897,220 units, with a 50.06% of its sales volume during that period. Meanwhile, its passenger PHEV sales had a 49.44% of its total sales volume, with sales of 886,132 units.
In July alone, BYD’s NEV sales were a record-breaking 262,161 units. It represents a YoY growth of 61%, CarNewsChina.com reported.
Top 10 automakers
The rankings analyzed vehicle sales from 37 countries, including the following:
Presented below are the rankings:
| Brands | Market Share |
| Toyota | 10.2% |
| Volkswagen | 6.6% |
| Honda | 5.0% |
| Ford | 4.9% |
| BYD | 4.7% |
| Hyundai | 4.3% |
| Suzuki | 4.1% |
| Chevrolet | 3.8% |
| Kia | 3.7% |
| Nissan | 3.5% |
Remarkably, the top 10 automakers in the rankings dominated 50.7% of the global automotive market. This percentage represents a MoM increase of 2.3 percentage points from June.
As you can observe, Tesla was not included in the world’s top automakers ranking in July. However, it must be noted that Tesla is an all-electric brand with limited models compared to other automakers on the list.
Tesla dominates in the global BEV industry in Q2 2023
Despite failing to get into the overall automotive brand rankings, Tesla dominated the global electric vehicle market in Q2 2023.
The Musk-led company accounted for 20% of the global BEV industry. It is unsurprising, given that Tesla only sells all-electric vehicle models.
On the other hand, BYD trailed behind Tesla in this particular segment. Its market share reached 15%, Counterpoint data revealed.
See Also:
- BYD Chairman loses $1.5B in just a day following Tesla’s price cuts
- BYD nudges local brands to penetrate the global market and “demolish the old legends,” gains Tesla CEO’s respect
- BYD to intensify competition with Tesla with its new Denza SUV
- Top 10 bestseller EVs in Q1 2023, Tesla secured the top 2 spots while BYD landed five spots
- Tesla, BYD dominate the global EV industry, while Japanese rivals lag behind
BYD’s significant progress in the new energy vehicle industry continuously poses a threat to the world’s largest electric automaker. It would be unsurprising if BYD would soon beat Tesla in EV sales, considering that it has a wider range of offerings than the Musk-led company.
