Certificates of Entitlement (COE) in Singapore double for the first quarter of 2025. Meanwhile, BYD gains 20 per cent of the market share in the city-state’s new car registrations in April 2025.
COE RENEWALS
The Straits Times reported 2,834 COE renewals from January to March in 2025. According to the publication, the year-to-date (YTD) figure has been the highest for every first quarter since 2020. Figures from the first quarter of 2020 remain the highest in the last 5 years with 5,558 certificates renewed.
High COE renewals imply car owners are not purchasing new vehicles. This could be due to an “uncertain economic outlook” within Singapore. Meanwhile, The Straits Times suggested that buyers may be waiting for electric vehicle (EV) technology to develop further before investing in a new car.
NEW REGISTRATIONS
New car registrations in April amounted to 3,949 vehicles, while year-to-date numbers show 14,863 new cars registered overall. These figures were dominated by BYD, which acquired 20.7 per cent of the country’s car market share. This comes as no surprise considering the EV maker’s strong figures from the year 2024. BYD is up by 34.7 per cent YoY and is at its fourth consecutive overtake of the island nation’s car sales. Year-to-date (YTD) BYD sold 3,002 new cars overall.
Meanwhile, Toyota followed behind with 16.6 per cent share of the market, tumbling 4.1 per cent YoY. The Japanese auto giant sold 657 vehicles last April 2025 and 2,050 new units YTD. Mazda breached the top 3 with 433 new vehicles sold and 11 per cent market share acquired.
Luxury carmakers BMW and Mercedes-Benz rounded out the top 5 with 9.3 per cent and 7.9 per cent of the market acquired respectively. They are followed by Mazda and Hyundai, with 138 and 131 new units registered.
BYD’s rival Tesla sat at the 8th spot with only 122 new vehicles sold. The EV maker sits on top of GAC (9th) and Nissan (10th), which sold 104 and 103 vehicles respectively in April 2025. This month mark’s GAC’s first entry into Singapore’s top 10 auto sellers.
Strong EV sales in Singapore are led by BYD, which has sold 20 per cent of the country’s new vehicles from January to April 2025. The EV maker has overtaken both Toyota and Tesla, Singapore’s previous top-sellers, in just three years of its Singaporean debut.
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