BYD (HKG: 1211, OTCMKTS: BYDDY) has emerged as the leading carmaker in Singapore in 2024, surpassing industry giants like Toyota and Tesla (NASDAQ: TSLA). The Chinese new energy-vehicle (NEV) manufacturer achieved a milestone by selling 6,191 vehicles in Singapore last year, the highest among all automakers in the city-state, according to data from the Singapore Land Transport Authority.
This remarkable feat marked a significant 337.22 percent increase from the 1,416 units sold by BYD in 2023. With a market share of 14.39 percent out of the total 43,022 annual sales in the Singapore automotive market, BYD solidified its position as the top-selling car brand in the region.
In comparison, Toyota secured the second spot by selling 5,736 vehicles in Singapore in 2024, capturing a 13.33 percent market share. The Japanese automaker witnessed a 48.72 percent increase in sales volume from 3,857 units in the previous year.
Following Toyota, BMW claimed the third position with 5,042 units sold, marking a 49.22 percent growth from 3,379 units in 2023 and holding an 11.72 percent market share. Mercedes-Benz followed closely behind, selling 4,887 units in 2024, up by 26.94 percent from 3,850 units in the previous year, and securing an 11.36 percent market share.
Tesla, on the other hand, occupied the fifth position with 2,384 units sold in 2024, reflecting a significant 153.62 percent surge from 940 units in 2023 and capturing a 5.54 percent market share.
In addition to BYD, several other Chinese automotive brands also made their mark in Singapore in 2024. MG sold 534 units, Xpeng (NYSE: XPEV) sold 336 units, and GAC sold 310 units in the city-state.
BYD introduced the Atto 3 in Singapore in July 2022, which is known as the Yuan Plus in China, marking its entry into the local passenger car market. Prior to this, BYD had been supplying electric buses and the e6 as a cab service in Singapore. Subsequently, BYD launched the Dolphin in July 2023 and the Seal in October 2023 in Singapore.
Last October, BYD’s premium sub-brand Denza unveiled the D9 MPV (multi-purpose vehicle) in Singapore, further expanding its presence in the market.
Singapore is renowned for being one of the most expensive regions globally for car ownership, primarily due to the Certificate of Entitlement (COE) system, which grants residents the privilege to own and operate vehicles in the country. For instance, the starting price of the BYD Seal, including COE, was SGD 238,888 ($176,040) when it was launched in Singapore, significantly higher than the RMB 175,800 ($24,130) price tag in China.
With its innovative models and strategic market approach, BYD has exemplified its prowess in the Singapore automotive sector, setting a new benchmark for success in the industry.
