BYD becomes Singapore’s most popular car, after outselling Toyota: Bloomberg

SINGAPORE — BYD Co. has beaten out Toyota Motor Corporation to take the title of most popular car brand in Singapore for the first time.

The Chinese electric vehicle (EV) giant saw sales more than quadruple last year to 6,191 cars, surpassing the 5,736 cars sold by Toyota — the world’s biggest carmaker.

BYD, which won 14 percent of the tightly controlled Singaporean market, also outsold Tesla Incorporated, Mercedes-Benz Group AG (Aktiengesellschaft) and BMW AG.

Also read: BYD set to overtake Ford and Honda in global sales

BYD’s surging popularity in Singapore is emblematic of the seismic shift taking place across Southeast Asia. Facing push back in Europe and North America, Chinese carmakers are looking to make inroads elsewhere and their tech-laden offerings are toppling long-time legacy favourites.

The booming sales for a Chinese EV is particularly notable in Singapore, where heavy regulation and high taxes make owning a car a major status symbol. BYD has benefited from the city-state’s generous incentives, including rebates on EV purchases and plans for more charging infrastructure, as part of the government’s net zero ambitions.