BYD Crowned China’s No. 1 Selling Car Brand for 2023 Over VW

BYD Co. overtook Volkswagen AG as China’s best-selling car brand in 2023, clear evidence its all-in bet on electric vehicles is paying dividends and helping it pass some of the world’s biggest legacy names.

Shenzhen-based BYD tallied 2.4 million new domestic car insurance registrations last year, data from the China Automotive Technology and Research Center show, giving it a countrywide market share of 11%, up 3.2 percentage points.

Read More: China Produces a Record 30 Million Cars and Exports Soar

The Chinese automaker’s meteoric rise reflects the wider lead Chinese car brands have in developing affordable and high-tech EVs that ...