BYD claimed the title of Singapore’s top-selling carmaker in 2024, overtaking global automotive giants Toyota and Tesla, according to data from the Singapore Land Transport Authority.
The Chinese new energy vehicle (NEV) manufacturer sold 6,191 units in Singapore last year, marking a significant 337.22% increase from 1,416 units in 2023. This achievement secured BYD a 14.39% share of the city-state’s automotive market, which recorded 43,022 annual sales in 2024.
See also: Charge+ Expands EV Charging Network in Singapore with Strategic Acquisitions
Toyota ranked second with 5,736 units, a 48.72% rise from 3,857 in 2023, accounting for 13.33% of the market. BMW followed in third with 5,042 units sold, reflecting a 49.22% growth from the prior year and an 11.72% share. Mercedes-Benz secured fourth place with 4,887 units, up 26.94%, while Tesla’s 2,384 units represented a 153.62% surge, placing it fifth with a 5.54% market share.
Other Chinese brands also gained traction, with MG selling 534 units, Xpeng recording 336 units, and GAC achieving 310 units in 2024.
See also: Denza Expands International Footprint with Launch in Singapore
BYD’s success in Singapore was bolstered by a growing lineup of electric vehicles. The Atto 3, launched in July 2022, marked its entry into the local passenger car market, followed by the Dolphin and Seal models introduced in 2023. In October 2023, Denza, BYD’s premium sub-brand, launched the D9 MPV in Singapore.
Despite its success, BYD’s vehicles face steep pricing in Singapore due to the city-state’s Certificate of Entitlement (COE) system. For example, the BYD Seal’s starting price, including COE, was SGD 238,888 ($176,040) at its launch, significantly higher than its price in China, where it starts at RMB 175,800 ($24,130).
