STORY: BYD is poised to climb the rankings of global automakers.
Figures released on Monday (December 9) show that the fast-growing auto giant has once again gained market share in China.
In November, industry data showed it had a 17% share of the world’s largest auto market, up from 12.5% last year.
BYD is also on track to surpass its annual target of four million vehicles and overtake big names like Ford and Honda.
Sales have been boosted by a range of competitive models, many of which use its latest plug-in hybrid technology.
If momentum continues, BYD could sell more than six million vehicles in the coming year.
That would put it on par with some of the world’s biggest names, including General Motors and Stellantis.
The company is now increasing its capacity to meet demand.
Between August and October, production capacity was added by almost 200,000 units.
It also hired a similar number of new workers, bringing its total payroll to nearly a million people.
Experts say the scale of the project allowed it to cut costs and win a brutal price war that has crushed many competitors in the Chinese market.
Last week, General Motors announced it would take more than $5 billion in charges for its operations in the country, amid falling sales and rising losses.
