BYD outsells Tesla and Toyota to conquer Singapore in 2024
Chinese NEV maker BYD has rocketed to the top of Singapore’s car sales chart for 2024, beating out giants like Toyota and electric vehicle juggernaut Tesla.
Driving the news:
- BYD sold 6,191 vehicles in 2024, up a notable 337.22% from the 1,416 vehicles it sold in 2023, as per data from the data from the Singapore Land Transport Authority.
- This allowed BYD to capture 14.39% of the Singapore car market from a total of 43,022 cars sold.
- Toyota came in second with 5,736 vehicles sold, a 48.72% increase from the 3,857 units it sold in 2023.
- BMW, in third place, sold 5,042 units, up 49.22% from the 3,379 units it sold in 2023.
- Mercedes-Benz, which stood in fourth place, sold 4,887 units in 2024, up 26.94% from the 3,850 it sold in 2023.
- Tesla was Singapore’s fifth best-selling automaker, selling a total of 2,384 vehicles in 2024. This represented a 153.62% sales increase from the 940 vehicles that it was able to sell in the city-state in 2023.
Why it matters:
- BYD’s models like the Atto 3, Dolphin, and Seal have been key to the automaker’s success in Singapore.
- BYD’s luxury Denza D9 MPV also hit Singapore last October.
- Singapore’s car market is notoriously expensive due to its Certificate of Entitlement (COE) system, which inflates vehicle prices significantly.
- The BYD Seal, for instance, starts at SGD 238,888 (about $176,040) in Singapore, including COE, but in China, the vehicle starts at just around RMB 175,800 (around $24,130), as noted in a CNEV Post report.
Between the lines:
- The rise of Chinese EV brands in Singapore showcases a shift towards sustainable and affordable mobility options in one of the world’s priciest car markets.
- Singapore’s car market may be more challenging for BYD this 2025, however, considering the arrival of the new Model Y, which is now being showcased in some Tesla showrooms across China.
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The post BYD outsells Tesla and Toyota to conquer Singapore in 2024 appeared first on TESLARATI.
Source: https://www.teslarati.com/byd-outsells-tesla-and-toyota-to-conquer-singapore-in-2024/
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