BYD is selling so many electric cars it’s become one of the top three automakers in China

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  • Chinese electric car maker BYD saw sales more than double in May, marking the company’s climb into the ranks of the top three automakers in China.
  • Last year, BYD was ranked 13th by passenger car sales, industry association data showed.
  • For the first five months of the year, FAW-Volkswagen ranked first in sales, followed by BYD and then Chang’an Automobiles, as the data showed.

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BEIJING — Chinese electric car maker BYD saw sales more than double in May, marking the company’s climb into the ranks of the top three automakers in China.

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This is according to data from the China Passenger Car Association that was released on Friday. China is the largest auto market in the world.

Backed by Warren Buffett’s Berkshire Hathaway, BYD is also a battery maker that has become a major electric car brand in China — and some of its models are competing with Tesla in popularity.

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So far this year, BYD has not only continued to dominate new energy vehicles, including hybrid and battery-powered cars, but the company has also entered China’s top three brands in terms of passenger car sales .

BYD sold 113,768 new energy passenger cars last month, data showed, despite the Covid lockdown affecting supply chains and Chinese consumer sentiment.

Among SUVs or small passenger cars, BYD accounted for two of the top three best-selling new energy models in China last month, according to association data. Tesla, Neo and Xpeng didn’t make the cut.

According to the data, those sales put BYD in second place in China’s passenger car market—right behind FAW-Volkswagen, with 150,009 cars sold. FAW-Volkswagen is a joint venture of the German automaker in China that sells Audi and Volkswagen branded vehicles.

BYD sales registered a year-over-year increase of 159.5%, while FAW-Volkswagen sales fell 10.6% from May last year. Geely was the third largest in terms of passenger car sales, at 73,315, down 14.5%.

Last year, BYD was ranked 13th in terms of passenger car sales. FAW-Volkswagen, SAIC Volkswagen and SAIC GM took the top three positions.

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In the US passenger car market, Tesla did not make the top three spots. According to China Auto Insights, Toyota ranks first in terms of sales, followed by Ford and General Motors’ Chevrolet brand.

According to the Passenger Car Association, China’s passenger car sales fell 11.8% in May from a year earlier, while new energy vehicle sales saw a 91.2% increase.

For the first five months of the year, FAW-Volkswagen ranked first in sales, followed by BYD and then Chang’an Automobiles, as the data showed.

Within new energy vehicles, BYD ranks first, followed by General Motors’ joint venture with Wuling Motors and state-owned SAIC Motor. Tesla China is in third place.

Credit: www.cnbc.com /

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