According to sales data from research firm MarkLines and automakers, BYD surpassed Honda and Nissan in global sales during the second quarter of this year, becoming the world's seventh-largest automaker. This achievement is mainly driven by strong demand for its affordable electric vehicles.
The data shows that from April to June this year, BYD's global vehicle sales increased by 40% year-over-year to 980,000 units, at a time when most major automakers, including Toyota and Volkswagen Group, experienced declining sales. This growth was largely attributed to BYD's expanding overseas market, with its overseas sales reaching 105,000 units in the second quarter, nearly tripling from the previous year.
In the second quarter of last year, BYD ranked 10th globally with sales of 700,000 units. Since then, BYD's sales have gradually surpassed those of Nissan and Suzuki, and in the most recent quarter, it surpassed Honda for the first time.
Currently, the only Japanese automaker with higher sales than BYD is Toyota, which led the global automaker sales rankings in the second quarter with 2.63 million units sold. The "Big Three" American automakers also remain ahead, but BYD is rapidly closing in on Ford.
In addition to BYD's rise in rankings, Chinese automakers Geely and Chery also made it into the top 20 in global sales during the second quarter of this year.
In China, the world's largest automotive market, BYD's affordable electric vehicles are gaining momentum, with sales in June increasing by 35% year-over-year. In contrast, Japanese automakers, who have a strong presence in gasoline-powered vehicles, are falling behind. In June, Honda's sales in China dropped by 40%, and the company plans to cut its production capacity in China by about 30%.
Even in Thailand, where Japanese companies hold around 80% of the market share, Japanese automakers are reducing capacity. Suzuki has halted production, and Honda is cutting its capacity by half.
In the first half of this year, China further extended its lead over Japan in automotive exports. Chinese automakers exported over 2.79 million vehicles overseas, a year-over-year increase of 31%, while Japanese vehicle exports fell by 0.3% to below 2.02 million units during the same period.
For lagging Japanese automakers, the North American market is becoming increasingly important. Due to high tariffs, Chinese electric vehicle manufacturers have minimal impact in the North American market, while hybrid vehicles from Toyota and Honda are well-received. However, whether this can offset the decline in sales that Japanese automakers are experiencing in China and other markets remains to be seen.
