Singapore’s new vehicle registrations amounted to 4,333 units, while electric vehicle (EV) registrations hit a new record with a 40 per cent increase year-on-year. New car registrations for the first quarter of 2025 have now totalled to 10,914 units, 35 per cent up from the same period last year.
AT A GLANCE
BYD remains number one with 816 new units registered with the Land Transport Authority (LTA) and 18.8 per cent of the market captured. From January to March, BYD’s registrations amount to 2,183 overall. Fellow Chinese EV maker XPeng saw great improvement in sales year-on-year with 190 units sold in the first quarter, making it the fourth top-selling EV brand in 2025 so far.
Following BYD is Toyota with 632 new registrations in March and 14.6 per cent of Singapore’s car market share. Fellow Japanese auto giant Honda places third with 522 units sold in March and 12 per cent market share acquired.
The LTA recorded 413 new vehicles registered from EV maker Tesla, making it second only to BYD in EV registrations. XPeng, another EV manufacturer from China, saw steady improvement in sales from 59 units registered in February to 95 units registered in March. Overall, the LTA recorded 190 units registered under XPeng in Singapore.
Not all EV makers saw success in Singapore. Earlier this month, NETA Auto closed its doors in the city-state after only 3 months of operation.
EVs ON THE RISE
Last year, dealers in Singapore were worried that vehicle sales in the country would plummet due to an injection of 20,000 certificates of entitlement (COE). So far, the results of 2025 have shown significant improvement despite dealer concerns.
The increase in EV registrations come at no surprise, especially with Singapore’s 2024 year-end results revealed that BYD sales increased by 337 per cent. According to a forecast by BloombergNEF, the island nation is set to dominate Southeast Asia’s passenger EV market by the year 2040.
Singapore’s spike in EV registrations can be attributed to financial incentives set by its government. The latest incentive, set to end by December this year, promises EV buyers up to SGD 40,000 (AUD 47,512.80) in tax rebates. The LTA also imposed a rebate of up to 45 per cent on Additional Registration Fees (ARF), currently capped at SGD 15,000 (AUD 17,817.30). These rebates fall under Singapore’s EEAI or EV Early Adoption Initiative.
With newly installed public EV fast chargers, Singaporean citizens are seeing notable support from their government to make the switch to EVs.
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