SINGAPORE: Chinese electric vehicle (EV) maker BYD has overtaken Toyota as the top-selling car in Singapore — and it’s due to a combination of attractive pricing and increasingly positive brand sentiments towards Chinese technology, said drivers and analysts alike. Data by the Land Transport Authority (LTA) showed that BYD sold 3,002 cars, or 20 per cent of total vehicle sales in Singapore in the first four months this year. It dethroned Toyota as the most popular car – the Japanese manufacturer sold 2,050 cars in the same period – and far outsold its main EV competitor Tesla, which sold 535 cars. In 2024, Toyota sold 7,876 cars here, more than BYD’s 6,191. But it was only in 2020 that BYD sold just three cars in Singapore, according to LTA data. This figure rose to 89 in 2021, 786 in 2022 and 1,416 in 2023. In contrast, Toyota sales have remained relatively stable – with 7,704 in 2020, 9,633 in 2021, 6,405 in 2022 and 7,248 in 2023. Tesla’s sales have also increased over the years, but not as quickly as BYD cars. Elon Musk’s firm sold 20 cars in 2020, 924 in 2021, 875 in 2022, 941 in 2023 and 2,384 in 2024.
FOR THE MASS MARKET
The figures showing BYD’s meteoric rise do not surprise BYD owners and experts. One major deciding factor for many BYD drivers was the price – which they said was relatively lower than internal combustion engines (ICE) cars and other EV brands. Ms Ng Lay Peng, who purchased the BYD Atto 3 model early last year, never intended to purchase an EV, having only driven ICE cars previously. But the quality and price of the Chinese automobile swayed her. She said that while ICE vehicles in the same price range looked “quite basic”, the BYD model exceeded her expectations. “When you enter, it doesn’t feel like a cheap car, it has the bells and whistles … it just feels comfortable; the drive is comfortable,” said the 36-year-old, who works in public relations. She said the Atto 3 had a large interior and also came with features such as a sunroof. These could also be installed on an ICE vehicle she was considering at the same time, but at additional cost. All in all, the BYD car was about 20 per cent cheaper than the ICE model she was also mulling over. Another BYD owner, who only wanted to be known as Mr Tan, said he bought the M6 model for about S$175,000 earlier this year. In comparison, he said a typical ICE car of similar build would be slightly more expensive and would not come with the BYD’s features such as ventilated seats, a sunroof and tyre pressure monitor. Professor Lawrence Loh said the economies of scale achieved by the Chinese manufacturer have contributed to its cheaper products. “It’s already the top selling car in China and the top selling EV car in the world,” said Prof Loh, who is the Director of the Centre for Governance and Sustainability at the National University of Singapore (NUS) Business School. Large factory complexes have been built to manufacture these vehicles at scale, and this helps to lower the cost of each vehicle, he added. As such, the EV is made for the mass market, and is considered an “entry-level” product, said Associate Professor Raymond Ong from the Department of Civil and Environmental Engineering at NUS. “If you compare the price of a typical entry-level BYD to Tesla … BYD is very competitive in pricing, and that has an impact on potential car buyers and hence a leap in its market share,” he said. The Tesla comes with a different value proposition, said YouTube EV car reviewer Daren Yoong. It emphasises a more “minimalist” concept that is a hit among tech enthusiasts, but caters to a different audience from the BYD. “The BYD is a really good starting point for most people,” said Mr Yoong, who is also a sales coach in a US tech company.
