SINGAPORE: Chinese electric vehicle (EV) manufacturer BYD has overtaken Toyota as Singapore’s top-selling car brand for the first time.
According to Bloomberg, in 2024, BYD zoomed past Toyota with 6,191 cars sold, compared to Toyota’s 5,736, more than quadrupling sales from 1,416 BYD cars sold the previous year. The company captured 14 per cent of Singapore’s tightly regulated market, also outpacing Tesla (2,384), Mercedes-Benz (4,487), and BMW (5,042).
This growth signals a shift in Southeast Asia’s car market, where Chinese EVs are gaining ground. While European and North American markets have been slower to embrace these vehicles, Southeast Asia has seen a stronger reception.
In Singapore, where owning a car is costly and highly regulated, BYD’s success is particularly notable, especially with the government’s push towards greener transportation. The Chinese EV giant has benefited from the city-state’s incentives, including EV purchase rebates and plans for charging infrastructure. /TISG