Chart of the Day: BYD Trounces Toyota in Singapore
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BYD Co. Ltd. (002594.SZ) became Singapore’s top car seller for the first time last year, overtaking Japan’s Toyota Motor Corp. and Germany’s BMW AG, according to government data.
Just over 43,000 new cars were registered in Singapore last year, recent data from the country’s Land Transport Authority (LTA) showed. Of these, around 6,200 were made by the Chinese electric-vehicle (EV) maker, giving it a 14.4% market share and more than quadrupling its 2023 figure.
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- BYD became Singapore's top car seller last year, achieving a 14.4% market share with around 6,200 registrations, surpassing Toyota and BMW.
- Singapore's decarbonization plan includes incentives for EV adoption, aiming for all vehicles to use cleaner energy by 2040.
- Chinese EV-makers, including BYD, are targeting Southeast Asia amidst local competition and international tariffs, with plans for expansion and partnerships in countries like Thailand and Vietnam.
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Who’s Who
- BYD Co. Ltd.
- BYD Co. Ltd. became Singapore's top car seller last year, with around 6,200 new registrations and a 14.4% market share. The Chinese EV maker benefits from Singapore's push for cleaner-energy vehicles. BYD faces competition in Southeast Asia but is expanding with new factories and partnerships, aiming to deploy up to 50,000 EVs with Grab Holdings Ltd.
- Toyota Motor Corp.
- Toyota Motor Corp. was the second top car seller in Singapore last year, with around 5,700 registrations. It followed BYD, which had a significant lead with 6,200 registrations.
- BMW AG
- BMW AG was the third top car seller in Singapore last year, with just over 5,000 vehicle registrations, following Chinese EV-maker BYD and Japan’s Toyota. BMW's position highlights its strong presence in the Singaporean market amidst the growing competition and rising popularity of electric vehicles. BMW is part of the major players in a market increasingly influenced by Singapore's initiatives to decarbonize its auto industry.
- Mercedes-Benz Group AG
- Mercedes-Benz Group AG was the fourth top car seller in Singapore last year, with nearly 4,900 new vehicles registered. They were surpassed by BYD, Toyota, and BMW in the rankings. This highlights the growing competition in the Singaporean car market, particularly from electric vehicle manufacturers like BYD, as part of the country's push towards cleaner-energy transportation, as outlined in its Green Plan.
- Tesla Inc.
- Tesla Inc. ranked fifth in new car registrations in Singapore last year, with nearly 2,400 vehicles sold, according to the article.
- XPeng
- XPeng, a Chinese EV maker, is expanding into Southeast Asia amid domestic price wars and higher tariffs in the EU and U.S. Chinese EV brands, including XPeng, are exploring markets like Singapore, Thailand, Indonesia, and Malaysia, which offer growth opportunities and incentives for EV development.
- Zeekr
- The article mentions Zeekr as one of the Chinese EV brands targeting Southeast Asia for growth opportunities amid challenges like a price war in China and higher tariffs in the EU and the U.S. Southeast Asia, including countries like Thailand, Indonesia, and Malaysia, is seen as a promising market due to tax incentives and subsidies promoting EV development.
- Seres
- Seres is a Chinese EV maker exploring markets with growth potential, as noted in the context of Southeast Asia. They, along with other Chinese brands like XPeng, Zeekr, and Neta, are leveraging opportunities in regions such as Thailand, Indonesia, and Malaysia, where tax incentives and subsidies are provided for EV development.
- Neta
- Neta is among the Chinese EV brands expanding into Southeast Asia, targeting markets with growth potential amid challenges at home. These regions, alongside others like XPeng, Zeekr, and Seres, are popular due to incentives and subsidies promoting EV development.
- Grab Holdings Ltd.
- Grab Holdings Ltd. is a ride-hailing giant in Southeast Asia. It recently partnered with BYD Co. Ltd. to deploy up to 50,000 electric vehicles in the region. This partnership is part of BYD's broader expansion strategy in Southeast Asia, where it is increasing its presence in markets like Vietnam, Indonesia, and Thailand with dealerships and manufacturing bases.
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What Happened When
- 2023：
- BYD's market share in Singapore was less than a quarter of what it achieved in 2024.
- Last year (2023)：
- BYD became Singapore's top car seller for the first time, overtaking Toyota and BMW.
- Mid-January 2024：
- BYD announced a partnership with Grab Holdings Ltd. to deploy up to 50,000 EVs in Southeast Asia.
- 2024：
- Government data confirmed BYD's position as the leading car seller in Singapore.
- 2024：
- LTA reported that over 43,000 new cars were registered in Singapore and more than a third were EVs.
- July 2024：
- BYD slashed sticker prices on several models in Thailand to celebrate the opening of its first factory in the country.
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