Chinese automaker BYD sold 4.6 million vehicles in 2023, surpassing Ford and setting sights on Toyota’s 11.3 million annual sales.
Chinese electric vehicle maker BYD surpassed Ford Motor Company in total global vehicle sales last year, reaching 4.6 million units. The milestone includes both battery-electric and plug-in hybrid vehicles, marking a rapid rise in the automaker’s market share.
Toyota, the world’s largest automaker, sold 11.3 million vehicles in 2023, nearly double the combined total of BYD and Ford (4.4 million). BYD’s leadership has set an ambitious five-year target to overtake Toyota, leveraging cost efficiencies and advanced EV technology.
Toyota executives have acknowledged competitive pressure, with Vice Chairman Koji Sato warning of survival risks without innovation. The company is exploring standardized components to reduce costs and improve efficiency.