By Michael Elkins
Brokerage data from China Merchants Bank International (CMBI) showed BYD (OTC:BYDDY) as the top-selling brand in China in the first four weeks of November, outperforming Volkswagen (ETR:VOWG_p). The reversal highlights the pressure on legacy brands in the world's largest auto market.
Tesla's (NASDAQ:TSLA) sales nearly doubled in the country when compared to a year earlier. The bump comes after the American electric vehicle maker cut prices and offered incentives on its Model 3 and Model Y.
Retail sales for BYD totaled 152,863 vehicles from Nov. 1 to Nov. 27, logging a nearly 83% increase in average daily sales compared to the same period a year earlier, while Volkswagen tallied 143,602 sales and Toyota (NYSE:TM) totaled 115,272. 0.3% and 0.5% lower, respectively, on the year.
If the retail sales trend holds for the full month, it would be the first time that BYD, which only began making cars in 2003, has topped the sales charts in China and the first time a company with a line up of plug-in hybrids and pure electric vehicles (EVs) has led the charts.