BYD jumped to the world’s fourth largest car brand in August

According to the latest survey report released by research institute TrendForce, global automobile sales across 37 markets in August 2023 totaled 5.55 million units, marking a close to 1% increase from July. As autumn heralds the launch of new car models, some consumers await potential price reductions for older models, while others anticipate the release of the latest offerings.

The composition of the top ten global automotive brands remains consistent with the previous month. Toyota, Volkswagen, and Honda stand as the triumvirate leaders. Toyota experienced a 2.6% monthly decline in sales, while Honda witnessed a modest 0.8% growth. Surprisingly, BYD supplanted Ford, ascending to the position of the fourth-largest car brand with a monthly sales surge of 5%. Its market share is merely a hair’s breadth from the third-ranked Honda, lagging by a mere 0.1 percentage point. Whether BYD can globally overtake Honda hinges predominantly on the pace of its overseas market expansion. Hyundai, too, surpassed Ford, claiming the fifth spot. Due to diminished sales in the European and American markets, Ford plummeted from fourth to sixth position, with a monthly decrease of 6.7%. Chevrolet, Suzuki, Kia, and Nissan sequentially fill the seventh to tenth ranks.

Data disclosed by the China Association of Automobile Manufacturers (CAAM) last month revealed that domestic complete vehicle exports in the first half of the year amounted to 2.341 million units, representing a staggering 76.9% year-on-year growth. Assessing brands, the top ten Chinese automotive exporters comprise SAIC Motor, Chery Automobile, Tesla, Changan Automobile, Great Wall Motor, Geely Automobile, Dongfeng Motor, JAC Motors, BYD, and BAIC Motor. Notably, BYD’s ninth-place ranking underscores its substantial latent potential.