STORY: BYD is set to soar up the rankings of global carmakers.
Figures out Monday (Dec 9) showed the fast-growing car giant gaining market share again in China.
As of November, industry data showed it held a 17% share in the world’s biggest auto market – up from 12.5% last year.
BYD is also on track to beat an annual target of four million vehicles – and overtake big names like Ford and Honda.
Sales have been boosted by a lineup of competitive models, many using its latest plug-in hybrid technology.
If the momentum continues, BYD could sell more than six million vehicles over the coming year.
That would put it on par with some of the world’s top names, including General Motors and Stellantis.
Now the company is ramping up capacity to meet demand.
Between August and October it added nearly 200,000 units in production capacity.
It also added a similar number of new workers, taking its total payroll to almost one million people.
Experts say the massive scale has helped it squeeze costs, and win a brutal price war that has crushed many rivals in the Chinese market.
Last week, General Motors said it would take more than $5 billion in charges on its operations in the country amid declining sales and mounting losses.
