South Korean media: BYD beats Toyota and Tesla, continues to rank first in Singapore's automotive market for 14 consecutive months!

On August 2, South Korean media "Today Digital" published an article stating that Chinese electric vehicle manufacturer BYD continues to maintain its leading position in the Singapore automotive market, beating Toyota for 14 consecutive months.

According to a report from Singapore's Land Transport Authority (LTA), BYD sold 3,002 units from January to May, capturing a 20% market share. During the same period, Toyota sold 2,050 units. Tesla only sold 535 units.

BYD's rise began in 2024. At that time, BYD sold 6,191 units, with a growth rate of as high as 337%, ranking first in Singapore's automotive market with a 14.4% market share. This record surpassed Toyota (5,736 units) and Tesla (2,384 units). With the expansion of electric vehicle sales, BYD has become the most popular brand in Singapore. Especially the "ATTO 3" from BYD, with its highly competitive price and performance, has won the favor of consumers, further increasing its market share.

Singapore's government electric vehicle subsidy policy also helped BYD's growth. Purchasing pure electric vehicles can enjoy tax deductions of up to 40,000 Singapore dollars (about 225,000 RMB), and charging infrastructure is also expanding rapidly. However, subsidies for hybrid vehicles are relatively limited, at only 5,000 Singapore dollars (about 28,000 RMB), which has become an opportunity for consumers to turn their attention to pure electric vehicles.

BYD has consolidated its position in Singapore through an active overseas expansion strategy, establishing showrooms in major financial districts and introducing electric buses in public transportation to increase brand awareness. The company also plans to supply up to 50,000 BYD cars to Southeast Asia through cooperation with ride-hailing service company Grab.

It is predicted that BYD's market share in Singapore will continue to expand in the future. Although Toyota is trying to counter with hybrid vehicles, with Singapore's policy direction and consumer preferences shifting toward pure electric vehicles, it will be difficult to narrow the gap.

Original: https://www.toutiao.com/article/1839345314609160/

Statement: This article represents the views of the author.