The sales for each month of 2023 have been announced, and we have compiled the sales data for Q4 2023 for you. In Q4 2023, 6.466 million new cars were sold in the Chinese market, with sales increasing by 14.2% year-on-year.
There are two reasons for the substantial growth in sales. The first reason is that the coronavirus epidemic is still ongoing in China in Q4 2022, significantly impacting car production and sales.
Another reason is that new energy vehicles have played a significant role in market recovery and have experienced relatively substantial growth. Among them, 1.645 million electric cars and 908,000 plug-in hybrid vehicles were sold, accounting for 39.5% of total vehicle sales.
Note: The sales data in this article come from CPCA: CPCA’s statistical basis is the retail sales of passenger cars produced in China. Sales data do not include imported cars and commercial models. Brand sales do not include sub-brands.
Market Dominance and Brand Rankings
Chinese automaker BYD leads the way, achieving sales of 778,307 vehicles in Q4 2023, a year-on-year increase of 22.1%. BYD has ranked first in sales of Chinese automobile brands for four consecutive quarters, with a market share of 12.04% this quarter.
Volkswagen ranked second with sales of 666,892 vehicles, a year-on-year increase of 10.1%, and a market share of 10.31%. Although Volkswagen was the sales champion every quarter in 2022, after entering 2023, Volkswagen’s sales have been defeated by BYD every quarter.
Toyota ranked third with sales of 454,428 units. However, it fell by 6.6% year-on-year. It was the only one among the top 5 brands to experience a decline in sales, with a market share of 7.03%.
Honda and Geely rounded out the top five with sales of 364,466 and 272,436 vehicles, respectively.
BYD has extended its dominance in the new energy vehicle (NEV) field, ranking first in electric and plug-in hybrid cars. BYD has a market share of up to 25% in China’s Pure EV market. The brand’s dominance is even more pronounced in the PHEV category, capturing 39% of the market in Q4 2023.
Pure Electric Vehicle Market
In the pure electric vehicle market, BYD sold 425,121 vehicles, with a market share of 25.84%. Tesla ranked second with sales of 169,935 cars, and the Model Y alone sold more than 136,000 vehicles.
In the ranking of electric vehicle sales, Wuling, Aion, and Volkswagen occupy the third, fourth, and fifth places, respectively.
Top Individual Models
The top three vehicles in the Chinese market for Q4 2023 were:
- Tesla Model Y: Impressive sales figure of 136,285 cars.
- BYD Seagull: Second position, with 119,442 units sold.
- Nissan Sylphy: Claiming the third position, with 118,729 vehicles sold.
