SHANGHAI — BYD was China’s top-selling car brand in the first four weeks of November, brokerage data showed, highlighting pressure on legacy brands in the world’s biggest auto market. In reverse, it outperformed the Volkswagen brand.
According to data from China Merchants Bank International (CMBI), from November 1st to November 27th, BYD’s retail sales volume increased by 83% year-on-year to 152,863 units.
BYD’s tally was higher than Toyota’s with VW’s retail sales of 143,602 units, which were 0.3% and 0.5% lower, respectively.
However, if you include 36,847 vehicles sold under the Audi brand, the VW Group is still ahead of BYD.
Tesla’s retail sales in China nearly doubled this month from a year earlier, according to data, after the U.S. automaker offered price cuts and incentives for its Model 3 and Model Y.
If the trend in retail sales continues for a month, it will be the first time BYD, which only started making cars in 2003, has topped the sales charts in China, with plug-in hybrids and fully electric vehicles leading the charts. doing.
Auto makers have slammed the wider Chinese market as incentives are fading and the country’s coronavirus-free policy is keeping consumers out of showrooms and weighing on sentiment as the economy slows. Preparing for a recession.
CMBI data show that overall retail sales of cars made in China fell 2% in the first three weeks of October, compared with a 2% drop in average daily sales for the first four weeks of the month last year. reduced by 7%.
Established global automakers other than Tesla are losing sales and declining market share in China. Domestic rivals are winning over consumers with a wider range of affordable EVs and features like in-car entertainment and autonomous driving.
Stellantis announced last month that its Jeep joint venture in China would file for bankruptcy. This is the first joint venture bankruptcy by a foreign brand in the EV era.
Other established brands such as Volkswagen, General Motors, Ford and Hyundai have seen their plant utilization in China drop by 30 to 50 percentage points or more over the past five years.