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January 4, 2024

BYD Breaks Into Global Top 10 In Car Sales; Sold Over 3 Million In 2023

BYD has ended 2023 with record-breaking sales, surpassing 3.02 million units, of which 1.6 million are battery electric vehicles. This makes them the best-selling New Energy Vehicle (BEV, PHEV, HEV, FCEV) brand in the world and the first Chinese automaker to crack the global Top 10 in terms of sales.

In 2022, BYD was ranked 16 on the list of the world’s largest car manufacturers. In 2021, they weren’t even in the top 20.

In 2023, BYD’s international market presence surged remarkably, with exports growing by 334.2 percent to 242,765 units and its reach across over 70 countries on six continents. 

Last quarter alone, they have overtaken Tesla in Battery Electric Vehicle (BEV) sales. BYD sold a record 526,000 BEVs to Tesla’s 484,500.

In the Philippines, BYD has switched its distributorship with Ayala-affiliate AC Motors taking over the brand last August. Since then, they have implemented price changes to its entry-level Dolphin model and launched the Atto 3—the first EV to achieve price parity to traditional gas- and diesel-powered compact SUVs.

Last year, BYD completed its brand matrix which includes the Dynasty series (Han, Tang, etc), Ocean series (Dolphin, Seal, etc), Denza, and its two new brands—Fangchengbao (literally translates to Formula Leopard) and Yangwang (literally translates to looking up or admire).

Overall, the Dynasty and Ocean series achieved impressive sales of 2,877,353 units, marking a 55.3 percent increase from the previous year. Meanwhile, Denza sold 127,840 units with the D9 emerging as the BYD’s MPV sales leader.

Yangwang and Fangchengbao, launched in 2023, and started deliveries in November, has so far received excellent market response.

Founded by Wang Chuanfu in 1995, BYD made a name for itself as a manufacturer of rechargeable batteries—used in smartphones, laptops, and other consumer electronics.

It started selling its shares on the stock market in 2002 and diversified by purchasing a struggling state-owned car manufacturer, the Qinchuan Automobile Company.

Because they manufacture their own batteries, BYD had the flexibility to cut prices which lifted its sales in 2023.

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