BYD emerges as Singapore’s top-Selling electric car Brand, outpacing Tesla in 2023.
According to Singapore’s The Straits Times, the latest data from the Land Transport Authority (LTA), has shown that Chinese electric carmaker BYD has surpassed Tesla as Singapore’s best-selling battery-powered brand in the first five months of 2023.
During this period, BYD registered 303 electric cars, followed by Tesla with 283 and BMW with 249.
Around 20 per cent of BYD sales were to private-hire operators. Volvo entered the top 10 bestsellers list, replacing Bluecar and Audi, respectively.
Tesla experienced the largest drop in market share, indicating increased competition and a decline in the novelty associated with the brand. This trend is not limited to Singapore, as Tesla’s share of electric vehicle sales in California has also declined.
To counter this, Tesla has started advertising for the first time in its history, with Singapore featured in their inaugural video advertisement.
In the first five months of 2023, 1,462 electric cars were registered, accounting for 13.4 per cent of total registrations, a slight increase from 2022.
Parallel imports, which are vehicles sold by non-authorised retailers, accounted for 21.7 per cent of car registrations. However, their share in the electric vehicle market is only 1.6 per cent, significantly lower than authorised agents.