BYD’s Share of China’s Auto Market Rises to 20%
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Last Updated on: 13th September 2024, 12:44 am
When I saw the latest new energy vehicle (NEV) insurance registrations in China, my first reaction was just wonderment at how much BYD dominates the market. But then I was like, “well, this is nothing new — BYD’s been dominating this market for a while.” So, I moved on from the idea of writing about that.
Then, digging into the numbers showing that BYD was quickly rising up the world auto rankings, I thought that maybe BYD’s dominance in China really had grown a lot recently. So, I went back through the last several months (6 months, to be specific) and decided to look at how much BYD’s share of the Chinese NEV market — and the broader Chinese auto market — had grown in that time. It was something worth writing about.
The company’s results in August really do stand out. It rose to 20% of the Chinese auto market (19.9%, to be specific). That was up from 18.1% in July, which was up from 15.9% in June, which was up from 15.7% in May. So, that’s 3 months of consecutive growth, going from 15.7% to 20%!
Perhaps even more impressively, the company’s share of the Chinese auto market nearly doubled since the beginning of the year, going from 10.2% auto market share in January 2024 to 19.9% auto market share in August 2024, with almost constant growth across that time period.
Naturally, being a 100% plugin vehicle company, its share of the NEV market is much larger. It reached 37% in August, up from 35.5% in June, which was up from 32.7% in June. Though, overall, it’s share of the NEV market hasn’t grown nearly as much as its share of the broader Chinese auto market. It rose from 31% in January to 37% in August.
BYD’s growth is phenomenal. How high can it actually go, though? Can it rise to 30% share of the Chinese auto market or higher? We shall see.
You can play with interactive versions of the two charts above here (may not display well on mobile devices):
Related story: BYD Closer to Becoming #1 Automaker in World Than I Thought
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