BYD Makes History in Singapore: The Unstoppable Rise of Chinese EVs

In an unprecedented move, China’s BYD has emerged as the best-selling car brand in Singapore in 2024, registering a remarkable 6,191 units. This milestone not only secures BYD’s place at the top of Singapore’s automotive landscape but also marks the first time a Chinese electric vehicle (EV) brand has claimed this honor, outperforming industry giants like Japan’s Toyota and Germany’s BMW.

According to the latest statistics released by the Land Transport Authority on January 17, BYD’s registrations accounted for a significant 14.4% of all new car registrations in the city-state. The impressive tally includes not only BYD-branded models but also those from its luxury arm, Denza, which made its debut in Singapore this year.

The surge in BYD's sales is particularly notable, with a staggering 337% increase compared to 2023, which saw only 1,416 units registered. This leap reflects a larger trend in the automotive market, where Singapore witnessed a total of 43,022 new car registrations in 2024, a 42.3% increase from the previous year’s 30,225.

Following BYD, Toyota held its ground as the second most popular brand, with 5,736 units sold through its official agent, Borneo Motors, incorporating models from its luxury Lexus division. BMW maintained its third position with 5,042 registrations, while Mercedes-Benz dropped from second to fourth place, with 4,887 cars registered.

Tesla, the American EV manufacturer, also made significant gains, climbing four positions from ninth to fifth, recording 2,384 registrations this year.

Highlighting the growing traction of the EV market in Singapore, EVs made up 33.6% of all new car registrations in 2024, compared to just 18% the previous year. BYD, Tesla, and BMW accounted for a whopping 70.7% of this EV market. The rise of new Chinese EV brands, such as Chery, Dongfeng, GAC Aion, Xpeng, and Zeekr, has created a competitive environment that is likely to keep EV choices diverse and dynamic for consumers.

Mr. James Ng, the managing director of BYD Singapore and the Philippines, credited the company’s success to Singapore’s robust push for EV adoption and the global strength of the BYD brand. “We expect EV adoption to continue thriving in Singapore, supported by favorable government policies,” he stated. Furthermore, Mr. Ng expressed confidence in their competitive edge, citing innovative technology and strong customer perception as key factors in staying ahead in this competitive landscape.

The burgeoning popularity of EVs is accompanied by shifts in consumer preferences, especially among luxury vehicles. The market share of parallel-imported cars plummeted to 12.1% in 2024, down from 21.2% in 2023. Honda emerged as the most sought-after brand among parallel importers, despite overall drops in luxury car registrations due to increased taxes.

The significant decline in ultra-luxury car registrations, such as Rolls-Royce and Ferrari, has been particularly notable. The registration numbers reflect changing consumer behaviors, especially following tax hikes that drastically affected demand.

With BYD now setting the trend in Singapore, the automotive landscape appears primed for continued growth and transformation, showcasing a future where electric vehicles could dominate the roads. This game-changing feat could foreshadow a larger shift in the global automotive industry, as EVs gain momentum and consumer confidence in electric mobility surges.