BYD becomes China’s top selling car brand for November, Tesla wins data

BYD becomes China's top selling car brand for November, Tesla wins data

SHANGHAI, Nov 30 (Reuters) – BYD was the top-selling car brand in China in the first four weeks of November, brokerage data showed. .

Tesla’s (TSLA.O) Retail sales in China also nearly doubled in November from a year earlier after the US automaker slashed prices and offered incentives on its Model 3 and Model Y, data from China Merchants Bank International (CMBI) showed.

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

BYD’s total exceeded Volkswagen’s retail sales of 143,602 retail sales and Toyota Motor Corp’s (7203.T) 115,272, which were down 0.3% and 0.5% respectively on the year.

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

If the retail sales trend continues through the month, it would be the first time BYD, which only started making cars in 2003, tops the sales charts in China and the first time a company with a range of plug-in hybrids and pure electric vehicles (EVs) have led the charts.

Automakers are bracing for a broader Chinese market downturn, believing the effect of incentives is waning and that the country’s zero-COVID policy has kept consumers out of showrooms and weighed on sentiment as the economy slows down.

Total 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% drop in the first three weeks of October, according to data from CMBI.

Established global automakers, with the exception of Tesla, have lost sales and market share in China to their domestic rivals who are gaining consumers with a wider range of affordable EVs and features such as in-car entertainment and autonomous driving.

Stellantis (STLA.MI) said in October that its Jeep joint venture in China would file for bankruptcy, the first failed joint venture by a foreign brand in the EV era.

Other established brands including Volkswagen, General Motors (GM.N)Ford (FN) and Hyundai (005380.KS)have seen China’s plant use fall by 30 percentage points to more than 50 percentage points over the past five years.

Reporting by Zhang Yan, Brenda Gohṅ; Edited by Savio D’Souza

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