Chinese cars surge in singapore market, with byd and mg making significant gains
According to the statistics of relevant organizations, Chinese cars in Singapore new car market share has risen dramatically, has been close to 20% ratio, in which, BYD even in August took the brand sales runner-up. 2024 August, Singapore new car sales increased significantly by 55.4% year-on-year to 3,949 units. 26,442 units of cumulative sales from January to August, a year-on-year increase of 45.7%.
Although and annual sales of one million units of Indonesia, 800,000 units of Thailand and Malaysia, compared to the size of the car market in Singapore is relatively small, but with the Southeast Asian market weathervane significance, many countries car market consumers will refer to the trend of car sales in Singapore. Therefore, China's automobile in the process of entering the Southeast Asian market, Singapore belongs to the “small-scale but big influence” stop. So far this year, Chinese cars have made great strides in Singapore, with BYD posting 504 units in August, second only to Toyota's 566 units, and the gap is not large. While Toyota edged down 3.1 percent year-on-year, BYD surged 284.7 percent. Looking at cumulative sales for the previous eight months, Toyota and BYD stand at 4,383 units and 3,609 units respectively. BYD has the strength to compete for the title.
Meanwhile, SAIC MG Singapore's sales are also picking up quickly, with August sales increasing by 472.7% year-on-year. Guangzhou Auto, which has comparable sales to MG, has started to capture 1.6% market share despite being a new entrant to the car brand. These two brands made it to the Top 20 list of top selling car brands in Singapore.