In a remarkable turn of events, BYD has claimed the title of top-selling carmaker in Singapore for 2024, outpacing renowned automotive giants such as Toyota and Tesla. With a stunning total of 6,191 vehicles sold, BYD has not only led the market but has also achieved a staggering 337.22% increase from 2023, where it sold just 1,416 units.

The Singapore Land Transport Authority reports that BYD's market share stands at an impressive 14.39% in 2024, solidifying its position in a highly competitive market. Toyota follows closely behind with 5,736 units sold, marking a 48.72% improvement from the previous year's 3,857 vehicles, and taking a 13.33% share of the market. Meanwhile, BMW secured third place with 5,042 cars, reflecting a 49.22% increase from 3,379 units in 2023, capturing an 11.72% share.

Mercedes-Benz and Tesla rounded out the top five, with Tesla experiencing a notable 153.62% surge in sales, moving from just 940 units in 2023 to 2,384 in 2024, which translates to a 5.54% market share. This rise underscores a growing acceptance of electric vehicles among Singaporean consumers.

BYD's success can partly be attributed to the introduction of its popular models in the region. The Atto 3, launched in July 2022, marked BYD's significant entry into Singapore's passenger car market, while subsequent releases, such as the Dolphin in July 2023 and the Seal in October 2023, have further cemented its reputation. Additionally, BYD's premium sub-brand, Denza, introduced the D9 MPV, diversifying BYD's offerings in the local automotive landscape.

The Singapore automotive market is undeniably one of the most expensive globally, primarily due to the Certificate of Entitlement (COE), which governs vehicle ownership. This means that even with BYD's aggressive pricing strategy, the cost of vehicles remains steep for consumers. For instance, the BYD Seal starts at SGD 238,888 (approximately $176,040) including COE, a significant leap from its price in China of just RMB 175,800 (around $24,130).

Notably, other Chinese brands have also made their mark in Singapore. MG sold 534 units while Xpeng and GAC contributed 336 and 310 units, respectively. This trend indicates a rising popularity of Chinese electric vehicles on the island, a shift that can reshape the dynamics of automotive sales in the region.

With sustainability and green initiatives taking center stage, BYD's focus on new energy vehicles positions it well for the future, as consumers increasingly prioritize eco-friendly options in their car purchases. The figures from 2024 not only highlight BYD's remarkable growth but also signal a potential transformation in the driving habits of Singaporean residents. Stay tuned as we continue to monitor this evolving automotive landscape!