An analysis of recent auto sales data reveals that BYD's growth is rapidly closing the gap with major automakers like Toyota, Volkswagen, and even Ford. While Toyota remains significantly ahead, BYD's sales are increasing at an impressive rate, suggesting a potential shift in the automotive landscape.
I didn’t dive deeply into recent sales numbers because I figured we’re still a fairly long ways off from this happening even if it does happen in time. However, some reader comments pulled in sales numbers that made me realize we’re a bit closer than I thought and it’s worth starting a regular comparison of the numbers today.
. I’ll split this piece into two parts —You can see there that BYD is in 9th, and at just about 30% of Toyota’s total. But let’s keep in mind that the two brands will be moving toward each other — BYD probably won’t have to climb up to Toyota’s 2023 level to take #1. Also clear is that if BYD continues to grow so strongly, it’s got a few automakers within its sights that it should be able to quickly pass — Suzuki for sure, Kia , and Nissan . Beyond that, Honda and Hyundai are just about a million units ahead, and then BYD would be in 4th. Naturally, Toyota really is far, far ahead of BYD. There’s a big mountain to climb, and Toyota would also have to roll down that mountain a good ways in order for BYD to get to the top of the podium anytime soon. Also, Volkswagen in second place there is still at twice the sales of BYD, so it’s a similar story. The difference, arguably, is that Volkswagen is handling the EV transition better, but it’s not exactly excelling there either, and it’s also rapidly losing the big Chinese auto market to Chinese automakers. ,So, from 2023 to July 2024, BYD’s sales have gone from about 30% of Toyota’s total to about 40% of Toyota’s total. In that list above, #3 Ford’s total is about 45% of Toyota’s total. So, even if BYD isn’t close to #1 yet, it’s highly possible BYD is already closing in on a podium position. We shall see.Toyota BZ4X EV and RAV4 Prime. Photo by Kyle Field | CleanTechnica. You may also note that Tesla is 15th on that list. Naturally, if it could return to previous growth rates, it could rapidly climb up the top 20 list as well, but its sales actually declined in the first half of 2024, so we’ll have to see where that goes.Okay, that was auto brands, but what about auto groups? Toyota gets a boost here from adding Lexus and Daihatsu, and Volkswagen gets an even bigger boost by adding several auto brands. From this data source, BYD’s numbers are the same, which surprises me since my understanding was that there were a few auto brands that were not included in the other numbers but should be included here. However, I’ve got to go with the official data that I’ve found.Nissan–Renault–Mitsubishi — 5,649,999So, BYD has a bigger hill to climb here, but it’s essentially the same story. Tesla, you’ll note, actually climbed one position despite sales being the same. That’s because Audi was right above it in the brand ranking but Audi’s total got included in the Volkswagen Group total in the #2 position here. Returning to those July 2024 figures referenced above, Toyota Group as a whole had 924,918 sales in July 2024 worldwide, while BYD had the aforementioned 342,383. That means BYD’s sales total was 37% of Toyota Group’s sales total. It will be interesting to watch BYD’s rise and see how these totals and percentages change over time.CleanTechnica as its director, chief editor, and CEO. Zach is recognized globally as an electric vehicle, solar energy, and energy storage expert. He has presented about cleantech at conferences in India, the UAE, Ukraine, Poland, Germany, the Netherlands, the USA, Canada, and Curaçao. Zach has long-term investments in Tesla , NIO , Xpeng , Ford , ChargePoint , Amazon , Piedmont Lithium , Lithium Americas , Albemarle Corporation , Nouveau Monde Graphite , Talon Metals , Arclight Clean Transition Corp , and Starbucks . But he does not offer investment advice of any sort.
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