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BYD Co. has overthrown Volkswagen AG to become China’s best-selling car brand in 2023, Bloomberg reported on Tuesday.
The Shenzhen-based BYD reached its new spot by recording 2.4 million car insurance registrations in 2023, with a countrywide market share of 11 per cent, going up by 3.2 per cent year-on-year.
According to Bloomberg, this increase in BYD’s sales shows the wider lead in Chinese automakers to develop affordable and high-tech EVs.
Volkswagen was China’s top selling car brand since 2008.
Among other top five brands in China are Toyota Motor Corp. and Honda Motor Co.
