BYD (HKG: 1211, OTCMKTS: BYDDY) has become the top-selling carmaker in Singapore in 2024, ahead of auto giants including Toyota and Tesla (NASDAQ: TSLA).
The Chinese new energy-vehicle (NEV) maker sold 6,191 vehicles in Singapore in 2024, the highest in the city-state, according to data from the Singapore Land Transport Authority.
This is an increase of 337.22 percent from 1,416 units in 2023, and represents a 14.39 percent share of the 43,022 annual sales in the Singapore automotive market.
Toyota sold 5,736 vehicles in Singapore in 2024, coming in second with a 13.33 percent share. The sales volume is up 48.72 percent from 3,857 in 2023.
BMW was third with 5,042 units, up 49.22 percent from 3,379 in 2023, for a share of 11.72 percent.
Mercedes-Benz was fourth with 4,887 units, up 26.94 percent from 3,850 in 2023, for an 11.36 percent share.
Tesla was fifth with 2,384 units, up 153.62 percent from 940 units in 2023, for a 5.54 percent share.
Apart from BYD, several other Chinese brands saw hundreds of units sold in Singapore in 2024.
MG sold 534 units in Singapore in 2024, Xpeng (NYSE: XPEV) 336 units and GAC 310 units.
BYD launched the Atto 3 in Singapore in July 2022, which is the Yuan Plus in China, as its first major model in the local passenger car market.
Before that, BYD was delivering electric buses and the e6 as a cab in Singapore.
After the Atto 3, BYD launched the Dolphin in July 2023 and the Seal in October 2023 in Singapore.
Last October, BYD’s premium sub-brand Denza launched the D9 MPV (multi-purpose vehicle) in Singapore.
Singapore is one of the most costly regions in the world for car ownership, mainly due to the COE (Certificate of Entitlement), which gives residents the right to own and use vehicles there.
In the case of the BYD Seal, for example, the sedan’s starting price, including COE, was SGD 238,888 ($176,040) when it was launched in Singapore, much higher than the RMB 175,800 ($24,130) in China.
($1 = RMB 7.2847, $1 = SGD 1.3572)
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