Hyundai Motor Group from South Korea, the world's third-largest automobile manufacturer, has two major brands under its umbrella: Hyundai and Kia. Among them, Hyundai enjoys higher sales, followed by Kia.
In 2023. BYD, the top-selling Chinese independent brand, sold 3.0244 million vehicles. In the same year, Kia sold 3.086 million vehicles, while Hyundai achieved an even more impressive 4.24 million. This means that even BYD, the highest-selling brand in China, couldn't surpass the sales of a single brand from Hyundai Motor Group.
However, this was still the best performance by a Chinese brand, as BYD ranked in the global top 10 in 2023. It marked the first time in decades that a Chinese auto brand entered the global top 10.
In 2024. BYD continued its rapid growth. With competition in the Chinese market becoming increasingly fierce, joint venture brands have seen significant declines, with some experiencing sales drops of over 80%. At the same time, several strong domestic brands achieved notable success, with BYD being the standout.
In the first half of 2024. BYD's revenue exceeded 300 billion yuan for the first time, surpassing SAIC in total revenue and becoming the top automaker in China. In the first eight months of 2024. BYD also surpassed SAIC in sales, solidifying its position as China’s largest car company.
Moreover, BYD consistently set new monthly sales records, surpassing brands like Kia, Honda, and Hyundai in the process.
In August, BYD's global sales reached 373.100 units, a significant year-on-year increase. In contrast, Kia sold 250.000 units globally in August, a year-on-year decline of 1.8%, while Hyundai sold 333.000 units, a year-on-year decline of 5.3%. BYD’s sales exceeded Hyundai’s by 40.000 units and surpassed Kia’s by 123.000 units.
What’s more important is that BYD is still in a growth phase, while Hyundai and Kia are in decline. As one brand rises and the other falls, the gap will widen rapidly.
Hyundai and Kia combined sold 580.000 units in a single month, a figure expected to continue declining. Meanwhile, BYD is projected to reach monthly sales of 400.000 units this year. The gap between the two is narrowing fast—remember, BYD is catching up with the world’s third-largest automaker.
There are also other favorable conditions that may allow BYD to surpass Hyundai even faster, such as merging with other automakers. China has many auto brands, and with fierce competition, some are expected to struggle. BYD acquiring a few of these brands could not only revitalize those companies but also save itself considerable time and resources.
