2023 has passed, and for the automotive industry, 2023 is a watershed for China's auto market, in this year, China's auto industry has entered the global sequence for the first time in 70 years, and its own brands have dominated the list, and its sales volume has exceeded that of joint venture cars for the first time. You know, this is since Volkswagen entered the Chinese market in 1984 to establish a joint venture car company, after 39 years, Chinese car companies have finally regained the sales championship in the Chinese auto market. According to the data of the passenger association, domestic independent brands account for 52% of the total sales, and domestic cars have finally raised their eyebrows and defeated the once powerful joint venture cars.
According to the latest data released by the China Passenger Car Association, China's total automobile sales (including passenger cars and commercial vehicles) will exceed 30 million units in 2023, standing at a new starting point. Among them, the wholesale of passenger cars in 2023 will be 25.53 million units, a year-on-year increase of 10.2%, achieving a record high, and the cumulative retail sales will be 21.699 million units, a year-on-year increase of 5.6%. In 2023, Chinese auto brands have really raised their eyebrows, and the annual market share of domestic brands has reached 52% this year. In other words, for every 100 new cars sold on the market, 52 are autonomous, stomping on the strong joint venture cars of previous years.
In the data of the passenger association, the top ten Chinese car brands occupy 6 seats in the passenger car wholesale ranking table, and the only remaining achievements in the joint venture cars are FAW-Volkswagen, SAIC-Volkswagen, SAIC-GM and GAC Toyota, and in the narrow sense of the passenger car retail table, BYD is strong on the first list, more than FAW-Volkswagen nearly 1 million, and has also created a miracle in domestic car brands, while Geely Automobile and Changan Automobile ranked third and fourth respectively.
In terms of corporate sales, most of the joint ventures did fall into negative or slight growth. For example, SAIC Volkswagen fell by 1%, GAC Toyota fell by 7.3%, SAIC-GM and Dongfeng Nissan, Guangqi Honda all fell by double digits, Dongfeng Honda also fell by 4.9%, FAW Toyota only increased by 0.3%, Beijing Hyundai fell to the bottom, a slight increase of 2.8%, Yueda Kia performed outstandingly, but that was because half of its products were exported, and only more than 80,000 units were sold in China.
As of the end of December 2023, new energy vehicles led by BYD are flooded in market segments at all levels, which is also true. With the help of the new energy industry, China's annual automobile sales (including passenger cars and commercial vehicles) have exceeded 30 million units for the first time. Looking back on the past, the development process of domestic auto brands is full of challenges and breakthroughs, born from diverse industrial backgrounds, showing an indomitable entrepreneurial spirit. For the first time, BYD jumped to the global car sales list, ranking ninth. As the only Chinese domestic brand, BYD is not only the highest-selling new energy vehicle brand (including pure electric vehicles and plug-in hybrid vehicles) in the list, but also the first and only automaker to complete the transformation of new energy vehicles. In 2023, BYD will win the sales champion of car companies in the Chinese market, the sales champion of brands in the Chinese market, and the global new energy sales champion. At the same time, BYD's annual exports in 2023 will exceed 240,000 units, a year-on-year increase of 334%, and BYD's global sales influence and overall technological leadership have made BYD recognized and supported by overseas leading dealers, accelerating the pace of BYD's global development.
In addition to sales, it is worth mentioning BYD's strategy, BYD took the lead in stopping the production of fuel vehicles and betting on new energy vehicles, relying not only on policies, but also on the accumulation of profound technologies, such as blade batteries, super hybrid DMI systems, Yunyuan systems, Yi Sifang, etc., which have been recognized by consumers at home and abroad. As Wang Chuanfu said, the first half of new energy vehicles is electrification, the second half is intelligent, and now BYD's intelligent sword is like pouring a basin of boiling water into a pot, in 2024, BYD's new energy vehicles will once again go further.
2023 marks the 70th anniversary of China's automobile industry, and in this year, it not only achieved a victory in the proportion of domestic car sales, but also surpassed Japan to become the world's largest automobile exporter. It is also the first scale of production and sales of new energy vehicles, at present, the major independent brands have increased the process of internationalization, began to base themselves on the local area, entered the world's automobile market, and even began to build factories abroad, such as Chery in the Middle East to build a factory for production, BYD in Uzbekistan to build a factory to produce new energy vehicles, etc., in the new energy vehicle track, does it mean that the domestic car has been successful in overtaking?