In 2024, Chinese NEV maker BYD emerged as the leading automaker in Singapore, surpassing established brands like Toyota and Tesla. BYD sold 6,191 vehicles, marking a 337.22% increase from the previous year, capturing 14.39% of the market amid a total of 43,022 sales. Key models such as Atto 3 and Dolphin propelled this growth despite Singapore's high vehicle prices due to the Certificate of Entitlement system. However, competition may intensify with Tesla's new Model Y introduction expected in 2025, challenging BYD's market dominance.
BYD's models such as the Atto 3 and Dolphin have driven its remarkable growth in Singapore's automotive market, capturing a significant 14.39% share in 2024.
Despite the challenge of a high COE system making cars expensive, BYD has successfully introduced more sustainable and affordable EV options in Singapore.
With BYD's sales surging by over 337% from 2023, it has outpaced established competitors like Toyota and Tesla in Singapore's automotive sales.
Singapore's market is competitive, and while BYD leads now, the introduction of Tesla's new Model Y may pose significant challenges in the future.
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