Investing.com -- Chinese electric vehicle manufacturer BYD Co (SZ:002594). has overtaken Toyota Motor (NYSE:TM) Corp. to become the most popular car brand in Singapore. This is the first time BYD has achieved this status, demonstrating a significant shift in the Southeast Asian automotive market.
BYD's sales saw a more than fourfold increase last year, with the company selling 6,191 cars. This figure surpassed the 5,736 cars sold by Toyota, the world's largest car manufacturer. BYD also outperformed Tesla (NASDAQ:TSLA) Inc., Mercedes-Benz (OTC:MBGAF) Group AG, and BMW (ETR:BMWG) AG, securing 14% of the Singaporean market, which is known for its strict regulation.
The surge in popularity of BYD in Singapore is indicative of the broader changes taking place across Southeast Asia. Chinese carmakers, facing resistance in Europe and North America, are seeking to expand in other regions. Their technology-rich offerings are challenging the dominance of long-established favorites.
The success of a Chinese EV brand in Singapore is particularly significant, given the city-state's heavy regulation and high taxes on car ownership, which make owning a car a major status symbol. BYD has capitalized on Singapore's generous incentives for electric vehicles, which include purchase rebates and plans for additional charging infrastructure.
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