According to the November data released by the China Passenger Car Association, the BYD brand topped the list with 288,501 units, winning the single-brand sales championship in the Chinese market for the 14th consecutive time. In the same period, the Volkswagen brand ranked second with 221,354 units sold. The penetration rate of new energy vehicles reached 377%, a year-on-year increase of 17%。In this context, BYD has become the all-dimensional sales champion. And BYD is also the Chinese car company with the highest market capitalization. In August 2023, Fortune magazine's ranking showed that BYD rose to No. 212, up 224 places from 2022, becoming the company with the largest increase in the ranking of Chinese companies this year. This jump not only demonstrates BYD's huge influence in the market, but also reflects its unique advantages in technological innovation and brand strategy, which together promote its continued leadership in the fierce market competition.
The penetration rate of China's own brand new energy vehicles is as high as 526%, far exceeding the 79%。This achievement is due to the fact that many Chinese independent brands have firmly occupied the market through new energy products and technologies, and have continuously expanded their market advantages. BYD's multi-brand matrix has taken shape, leading the market with its absolute market strength. In November, BYD's Yangwang brand and Equation Leopard brand were officially delivered, further enriching its product matrix, covering diversified needs from home to luxury, from mass to personalized.
In the Chinese market, BYD has surpassed the once insurmountable sales peak of the North and South Volkswagen. As the market gradually shifts to new energy vehicles, BYD's advantages in this field will bring more room for growth and further consolidate its market leadership. On November 24, BYD's 6 million new energy vehicles officially rolled off the assembly line, marking it as the first car company in the world to achieve this milestone. The continued rapid growth in sales has further strengthened BYD's leading position in the market and is only one step away from its annual sales target of 3 million vehicles.
The Chinese brand market is showing a positive trend, and consumers' recognition of domestic brands is increasing. In November, the market share of China's own brand passenger cars reached 597%, BYD and other Chinese car companies sales are rising. Although the joint venture brand has created a false impression of market recovery by relying on the price reduction strategy of fuel models, its performance in the new energy market is still weak, and the market position of the joint venture brand is facing huge challenges.
From leading China's new energy vehicle track, to leading the entire Chinese auto market, and then to ranking among the top ten in the global auto market, BYD's continuous growth not only shows the huge potential of new energy vehicle development, but also injects strong confidence into the rise of China's first auto market. With the continuous exploration and innovation of new energy technologies, BYD has not only consolidated its leading position in China, but also reshaped the development pattern of the automotive industry on a global scale. BYD has demonstrated its strong market competitiveness and technological innovation capabilities, and these achievements mark the strength and future development potential of Chinese car brands. These advances not only reflect BYD's corporate strength, but also reflect the rise and progress of China's manufacturing as a whole.
BYD's success story has allowed the world to witness the growth and development of China's automotive industry, demonstrating the potential and influence of Chinese brands in the global automotive market. As the new energy vehicle market continues to grow and technological innovation, BYD and other Chinese brands are expected to play an even more important role in the global automotive industry in the future.