BYD outsells Ford as Chinese auto brands make US rivals bite dust for first time

Chinese automakers outsold US brands for the first time in 2023, with brands selling 13.4 million units. Japanese brands led the market with 23.6 mill
...
BYD
File photo of BYD cars waiting to be loaded onto a ship for export. (AFP)
BYD
File photo of BYD cars waiting to be loaded onto a ship for export.

China’s carmakers outsold their US counterparts for the first time last year, a testament to the shifting power dynamics in the global auto market. Brands led by BYD sold 13.4 million new vehicles last year, beating the 11.9 million units delivered by American brands such as Ford and Chevrolet, researcher Jato Dynamics said Thursday. Japanese brands maintained their lead over the rest of the industry.

Chinese manufacturers’ market share soared across the Middle East, Eurasia and Africa, with the likes of SAIC Motor Corp. and Geely also making inroads in more mature markets such as Europe and Australia. “Negligence from legacy automakers, which has resulted in consistently high car prices, has inadvertently driven consumers toward more affordable Chinese alternatives," Jato analyst Felipe Munoz said.

Also check these Cars

Find more Cars
Byd Atto 3 (HT Auto photo)
BatteryCapacity Icon60.48 kWh Range Icon521 km
₹ 33.90 Lakhs
Compare
Byd Seal (HT Auto photo)
BatteryCapacity Icon 82.56 kWh Range Icon650 km
₹ 41 - 53 Lakhs
Compare
View Offers
Ford Mustang Mach E (HT Auto photo)
UPCOMING
₹ 70 Lakhs
Alert Me When Launched
Tata Avinya (HT Auto photo)
UPCOMING
Range Icon500 km
₹ 30 - 60 Lakhs
Alert Me When Launched
Mahindra Xuv 3xo (HT Auto photo)
Engine Icon1497 cc FuelType IconMultiple
₹ 7.49 - 15.49 Lakhs
Compare
View Offers
Tata Nexon (HT Auto photo)
Engine Icon1497 cc FuelType IconMultiple
₹ 8.10 - 15.50 Lakhs
Compare
View Offers

Also Read : How Chinese automobile industry went from obscurity to the largest EV market

China’s carmakers are increasingly turning to exports after seizing control of their home market, where an electric-vehicle price war is weighing on earnings. Tesla Inc. Chief Executive Officer Elon Musk warned in January that Chinese companies will “pretty much demolish" most other manufacturers if trade barriers aren’t erected.

China looks for lower barriers

The European Union’s move this week to impose additional tariffs on EVs imported from China may convince BYD and its peers to expand further in emerging markets, where they’re already doing well and trade barriers are lower, Munoz said.

Also Read : Why European automakers oppose EU tariffs on Chinese EVs

The US did manage to snag one big win last year, with Tesla’s Model Y becoming the best-selling vehicle worldwide. Deliveries of the sport utility vehicle jumped 64 per cent to 1.22 million units, beating out Toyota Motor Corp.’s RAV4 SUV.

Japanese brands were the best overall performers, making seven of the ten best-selling models and delivering around 23.6 million cars in total. European brands ranked second last year.

First Published Date: 14 Jun 2024, 08:45 AM IST
NEXT ARTICLE BEGINS

Check Latest Offers

Please provide your details to get Personalized Offers

Choose city
+91 | Choose city
Choose city

Want to get the best price for your existing car?

Powered by: Spinny Logo
By clicking "View Offers" you Agree to our Terms and Privacy Policy
Dear Name

Please verify your mobile number.

+91 | Choose city
Couldn't verify the OTP.
It's either expired or it's incorrect.