BYD takes 4.7% global market share in July to become 5th largest carmaker.
A recent report tells us that BYD (OTCMKTS: BYDDY) is now the fifth-largest car company in the world when it comes to sales in July. What’s unique is that BYD is the only one in the top 10 that sells only new energy vehicles (NEVs).
In July, car sales worldwide, including both regular cars and NEVs, were 5.44 million units. This was a 10 percent drop from June, according to TrendForce, a market research firm.
The report looked at car sales in 37 different countries, including the US, Canada, Brazil, China, India, Japan, and South Korea. It showed that the top 10 car companies together made up 50.7 percent of the total market, which is a bit more than in June.
Toyota is still the world’s biggest car company, even though its sales fell by 5 percent in July compared to June. Toyota had a 10.2 percent share of the market. Volkswagen is in second place, with a 6.6 percent share, even though its sales went down 13 percent in July. Honda and Ford are third and fourth, with 5.0 percent and 4.9 percent of the global market, respectively.
What’s interesting is that BYD is now in fifth place, with a 4.7 percent market share. BYD is the only one in the top 10 that sells only NEVs. TrendForce also said that BYD’s market share and ranking are going up.
While most of BYD’s sales are still in China, the report says it will become an even bigger player when it starts selling more cars in other countries. Notably, BYD stopped making and selling cars with regular engines in March 2022. Instead, they now focus on making plug-in hybrids (PHEVs) and battery electric vehicles (BEVs).
Right now, about half of BYD’s sales are PHEVs, and the other half are BEVs. From January to August, BYD sold a total of 1,792,184 NEVs. This includes 1,783,352 passenger cars and 8,832 commercial vehicles. Of those passenger cars, 50.31 percent were BEVs, which is 897,220 units, and 49.69 percent were PHEVs, which is 886,132 units.
In another report by Counterpoint Research on August 31, it was found that Tesla (NASDAQ: TSLA) and BYD are the top two players in the global BEV market. In the second quarter, Tesla had 20 percent of the global BEV market, and BYD had 15 percent.
- Tesla is currently delivering 1 million vehicles every ~27 weeks.
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