BYD saw sales more than quadruple last year to 6,191 cars, surpassing the 5,736 cars sold by Toyota
BYD has beaten out Toyota Motor to take the title of most popular car brand in Singapore for the first time.
The Chinese electric vehicle giant saw sales more than quadruple last year to 6,191 cars, surpassing the 5,736 cars sold by Toyota – the world’s biggest carmaker. BYD, which won 14 per cent of the tightly controlled Singaporean market, also outsold Tesla, Mercedes-Benz Group and BMW.
BYD’s surging popularity in Singapore is emblematic of the seismic shift taking place across South-east Asia. Facing push back in Europe and North America, Chinese carmakers are looking to make inroads elsewhere and their tech-laden offerings are toppling long-time legacy favourites.
The booming sales for a Chinese EV is particularly notable in Singapore, where heavy regulation and high taxes make owning a car a major status symbol. BYD has benefited from the city-state’s generous incentives, including rebates on EV purchases and plans for more charging infrastructure, as part of the government’s net zero ambitions.
In the region, the company is also partnering Grab to expand its electric vehicle fleet offering across South-east Asia.
In Indonesia, BYD plans to complete a US$1 billion Indonesia plant by year-end.
With the investment, BYD has been allowed to temporarily ship its cars into Indonesia without import duties, a policy aimed to stimulate demand for EVs while attracting investment by automakers. The government aims for 600,000 EVs to be domestically produced by 2030. BLOOMBERG
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