BYD beats Ford to become 4th largest car brand in August 2023
Ford slipped to 6th position in the list, with a 6.7% drop in sales compared to July 2023.
According to the latest data, BYD became the 4th largest global car brand in the month of August 2023, overtaking the likes of Ford & Hyundai.
The report states that Toyota, despite a 2.6% decline in sales, retained the top position in August. Volkswagen & Honda completed the top 3, registering 6.5% and 4.9% sales share, respectively. BYD occupied fourth place ahead of both Hyundai & Ford, with a sales share of just 0.1% behind Honda.
Reports suggest that Toyota & Honda will get a major boost with demand from the Southeast Asian markets. However, for BYD to crack the top 3, the Chinese carmaker will have to accelerate its export expansion plans.
It is important to note that BYD has a mostly electrified lineup. Ford slipped to 6th position in the list, with a 6.7% drop in sales compared to July 2023. The sales decline is said to be mainly due to the ongoing UAW strike and Russia’s recent announcement regarding restrictions on the exportation of fossil fuels.
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