BYD’s sales jumped by 337 per cent in 2024, overtaking Singapore’s top-selling car brands Toyota and BMW. The country’s Land Transport Authority (LTA) recorded 6,191 BYD and Denza units under new car registrations.
STATISTICS
The LTA recorded 43,022 new car registrations for January to December 2024. Compared to the same period in 2023, car registrations improved by 42.3 per cent as last year recorded 30,225 vehicles registered.
BYD, and by extension Denza, acquired 14.4 per cent of the market share with 6,191 units sold. Compared to 2023, BYD’s sales increased by a whopping 337 per cent as 2023’s sales amounted only to 1,416 units. At the time, BYD made it to the top 10 car best-selling car brands and beat out all other Chinese auto makers.
Coming at a surprising second place is Toyota (and Lexus), with 5,736 new units registered. Toyota was Singapore’s number 1 auto brand last year but has since been deposed by BYD in 2024. Toyota’s current market share is recorded at 13.33 per cent.
BMW came at a close third place rank with 5,042 new units registered. The German brand saw an increase of 49.22 per cent in sales and acquired 11.72 per cent share of the 2024 Singapore car market.
Fellow EV maker Tesla was also defeated by BYD with only 2,384 units sold. However, these sales are a 153.62 per cent improvement from 2023’s overall sales of only 940 units.
THE BYD OVERTAKE
Unexpectedly, established car brands such as Nissan, Kia, Mazda, and Mercedes-Benz have dropped in market share. This may be due to the entry of Chinese EV makers such as Chery, Dongfeng, Zeekr, and Xpeng. Electric vehicles (EV) are slowly taking hold of the market, as a third of 2024’s new car registrations compose of EVs.
14,448 new EV units were registered in 2024, a significant increase from 2023’s 5,467 EV units registered. 70.7 per cent of new EVs registered in 2024 comprised of BYD’s vehicles. Industry experts expect BYD to continue to have high sales performances in the future due to the openness of the Singapore car market to EVs.
In an interview with The Strait Times, James Ng, the Managing Director of BYD Singapore and Philippines, was quoted as saying that BYD embraces “the friendly competition” with other EV makers in the country.
“At the same time, BYD is confident that our technology and high perceived value by our customers, along with our attractive pricing and the driving experience that our cars deliver, will keep us ahead,” said Ng.
Even among its fellow Chinese EV makers, BYD is leagues ahead in terms of sales. While brands like Chery sell vehicles in the hundreds, BYD stays strong with figures reaching the thousands.
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