South Korean media: BYD stands out in the Singapore market, taking the first place!
On November 4, South Korean media "Chosun Ilbo" published an article stating that Chinese automaker BYD is developing rapidly in the Singapore market. This growth is due to the Singapore government's policies promoting sustainable development and the rapid supply of target models to the market. It is reported that BYD has captured the taste of local consumers in multiple aspects such as price competitiveness, design sense, and practicality.
In recent years, BYD has become a leading company in the electric vehicle market in Singapore. Previously, BYD had a relatively low position in the traditional internal combustion engine car market, but in recent years, the company is completely changing the market landscape. Therefore, the local automotive ecosystem, which was previously dominated by Japanese and European brands, is also changing.
Singapore's energy transition policy has laid the foundation for a sharp increase in energy penetration rates.
BYD is the company that delivered the most new cars in Singapore this year. BYD accounts for about 20% of all new car registrations in the first half of this year. This reflects the rapid growth in the use of electric vehicles in Singapore. Since 2022, BYD has focused on producing purely electric and hybrid vehicles.
The popularity of electric vehicles aligns with the strong energy transition policy of the Singapore government. The Singapore government is currently implementing long-term sustainable economic policies. Therefore, starting from this year, the registration of new diesel passenger cars and taxis in Singapore will be restricted. Starting from 2030, stricter regulations will be implemented, limiting all newly registered vehicles in Singapore to clean energy vehicles, such as pure electric and hybrid vehicles.
BYD has quickly seized the demand in both the public and private markets. In recent years, BYD has focused on winning customers by launching a large number of new electric vehicles. Particularly noteworthy is that BYD has taken a dominant position in the Singapore electric vehicle market by emphasizing the advantages of practicality and economy. Electric buses produced by BYD are already operating in Singapore.
This year's new car sales performance has been remarkable. BYD said: "New car sales have been steadily increasing month by month. According to data from the Land Transport Authority (LTA) of Singapore, the monthly sales volume in September broke through 900 units."
German and South Korean brands have also strengthened their electric vehicle strategies, but the results remain limited.
Global major brands have also launched electric vehicle models to attract consumers. BMW is targeting the local market with its self-developed i series electric vehicles. As of the first half of this year, BMW ranked third in new car sales in Singapore, behind BYD and Toyota.
Hyundai and Kia are also adapting to changes in the local market, launching various electric vehicle options. They try to attract customers by launching models with higher energy efficiency compared to BYD. Kia also launched the EV5 this year, which is its first electric vehicle produced at the Hyundai Motor Group's Singapore factory.
However, the expansion of the market has been slightly slow. In the first half of this year, Hyundai ranked seventh in new car sales in Singapore, accounting for about 3% of all new car sales. Its sales performance was worse than that of Chinese, Japanese, and German brands during the same period, including BYD (19.5%), Toyota (14.4%), BMW (11.1%), Mercedes-Benz (10.6%), and Honda (9.5%). Kia's new car sales share during the same period remained negligible, at only 2.6% of total sales.
Original source: www.toutiao.com/article/1847847356810505/
Statement: This article represents the views of the author.