Log in
Log in
Or log in with
GoogleGoogle
Twitter Twitter
Facebook Facebook
Apple Apple     
Sign up
Or log in with
GoogleGoogle
Twitter Twitter
Facebook Facebook
Apple Apple     
News
All NewsCompaniesIndexesCurrency / ForexCommoditiesCryptocurrenciesETFInterest RatesEconomyThemesSectors 

BYD set to be China's top-selling car brand for Nov, Tesla gains -data

11/30/2022 | 02:28am EST
FILE PHOTO: A Tesla electric vehicle at the Auto Shanghai show in Shanghai, China

SHANGHAI (Reuters) - BYD was the top-selling car brand in China in the first four weeks of November, brokerage data showed, outperforming the Volkswagen brand in a reversal that highlights the pressure on legacy brands in the world's largest auto market.

Tesla's retail sales in China also nearly doubled in November, from a year earlier, after the U.S. automaker cut prices and offered incentives on its Model 3 and Model Y, the data from China Merchants Bank International (CMBI) showed.

Retail sales for BYD totaled 152,863 vehicles from Nov. 1 to Nov. 27, logging a nearly 83% increase in average daily sales compared to the same period a year earlier, according to the data.

BYD's tally was higher than Volkswagen's retail sales of 143,602 retail sales and Toyota Motor Corp's 115,272, which were 0.3% and 0.5% lower, respectively, on the year.

However, the Volkswagen AG group still outsold BYD, when the 36,847 units sold under the Audi brand are included.

If the retail sales trend holds for the full month, it would be the first time that BYD, which only began making cars in 2003, has topped the sales charts in China and the first time a company with a line up of plug-in hybrids and pure electric vehicles (EVs) has led the charts.

Automakers have been bracing for a wider downturn in China's market on the view that the effect of incentives is waning and that the country's zero-COVID policies have kept consumers away from showrooms and weighed on sentiment as the economy slows.

Overall retail sales of cars produced in China fell 7% year-on-year in terms of average daily sales in the first four weeks of November, compared to the 2% decline in the first three weeks of October, according to CMBI data.

Established global carmakers, other than Tesla, have been losing sales and market share tumble in China to their domestic rivals who win consumers with a wider range of affordable EVs and features like in-car entertainment and autonomous drive.

Stellantis said in October that its Jeep joint venture in China would file for bankruptcy, the first JV failure by a foreign brand in the EV era.

Other established brands, including Volkswagen, General Motors, Ford and Hyundai, have seen plant usage in China fall by between 30 percentage points and over 50 percentage points in the past five years.

(Reporting by Zhang Yan, Brenda Gohn; Editing by Savio D'Souza)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
BYD COMPANY LIMITED 2.58% 246.2 Delayed Quote.27.83%
BYD COMPANY LIMITED -0.16% 270.07 End-of-day quote.5.10%
CHINA MERCHANTS BANK CO., LTD. 0.98% 41.05 End-of-day quote.10.17%
GENERAL MOTORS COMPANY 4.03% 37.95 Delayed Quote.12.81%
HYUNDAI CORPORATION 0.78% 16730 End-of-day quote.3.27%
HYUNDAI MOTOR COMPANY -0.57% 173900 End-of-day quote.15.17%
STELLANTIS N.V. 1.02% 14.206 Real-time Quote.7.05%
STELLANTIS N.V. 1.01% 14.196 Delayed Quote.7.03%
TESLA, INC. 11.00% 177.9 Delayed Quote.44.42%
TOYOTA INDUSTRIES CORPORATION 0.00% 7970 Delayed Quote.10.08%
TOYOTA MOTOR CORPORATION 0.40% 1900.5 Delayed Quote.4.86%
VOLKSWAGEN AG 0.86% 126.08 Delayed Quote.8.30%
VOLKSWAGEN AG -0.09% 160 Delayed Quote.8.36%
Latest news "Economy"
05:31pFocus more on under-fives, says Kate, UK's Princess of Wales
RE
05:08pSyria denies OPCW's findings on chemical weapon attack in 2018
RE
04:32pTurkey alerts citizens to risk of attack in United States, Europe on heels of Western warnings
RE
04:27pPortugal's school staffs protest for better pay
RE
04:08pLoud blast heard at military plant in iran's central city of isf…
RE
03:59pUN rights chief asks Venezuela to release arbitrary detainees, end torture
RE
03:56pUkraine in talks with allies about getting long-range missiles - aide
RE
01:37pTens of thousands of teachers march in Lisbon to demand better pay and conditions
RE
01:37p'We want justice' for Nichols' family- Rep. Joe Towns Jr.
RE
01:05pRussia accuses Ukraine of killing 14 in 'deliberate' strike on hospital
RE
Latest news "Economy"