SINGAPORE (Reuters) -China’s BYD (SZ:002594) became the most popular vehicle brand in Singapore so far this year, outselling Toyota (NYSE:TM) for the first time, government data showed, as the fast-growing electric vehicle maker steps up efforts to boost overseas sales.
In the first four months of 2025, BYD sold 3,002 cars, or 20% of total vehicle sales in Singapore. Toyota and BYD’s main EV rival Tesla (NASDAQ:TSLA) sold 2,050 and 535 units each during the same period.
Toyota used to hold the crown in the wealthy Asian financial hub where the population of cars is kept steady by an expensive certificate system, selling 7,876 cars in 2024, versus BYD’s 6,191 sales.
BYD’s robust sales growth in Singapore underscores its efforts to focus on overseas markets amid bruising price competition in China. Reuters reported this month that China’s No.1 automaker aims to sell half of its vehicles outside the Chinese market by 2030, a massive increase that would make it a rival to the world’s largest automakers.
BYD entered Singapore’s consumer car market in 2022, more than a year later than Tesla, but has since reported much stronger sales growth.
In 2023, for example, the Chinese firm’s sales almost doubled to 1,416, while Tesla sales rose just 7% to 941 units during the same period.
Singapore is one of the most expensive cities in the world to own a car, where a compact BYD Atto 3 SUV costs at least S$165,888 ($127,500) and the rival Toyota Corolla Altis is priced at around S$170,888.
BYD has already had early success in Southeast Asia, claiming Thailand as its biggest overseas market as it plans to expand in Europe and Latin America.
($1 = 1.3008 Singapore dollars)