By Michael Elkins

According to Tuesday’s market value ranking for automakers, Tesla (NASDAQ) remains first with a market capital of $740.58billion. Toyota (NYSE:). The biggest shift comes when BYD, a Chinese electric vehicle manufacturer, takes over Volkswagen (OTC) for the third place on the list, with an estimated market value of $127.23billion.

The ranking shows that Volkswagen, Mercedes Benz, BMW, Mercedes Benz, Ford, Stellantis, and General Motors are in the top four to ten places. Honda (NYSE:).

BYD declared on April 3rd that it would no longer be selling gasoline-powered automobiles and instead will focus solely on plug-in hybrid electric powertrain vehicles. This is the first time that a traditional auto manufacturer has made this announcement.

BYD’s May sales volume increased by 152.8% to 114,183 units, which is a 152.8% increase year-on-year. The hybrid and pure electric vehicles helped BYD’s sales volume achieve rapid growth since last year. Its minimum monthly sales volume in 2021 was only over 20,000 units, and one year later, BYD’s monthly sales volume has approached 120,000 units.

BYD, the Chinese automaker that is currently amongst the top ten biggest automakers by market value, is at the moment the sole one. While the production of automobiles has played a huge part in the rise of BYD’s market value and share price, BYD also has other ventures such as its mobile phone components and assembly, and photovoltaic and rechargeable units.