According to Reuters, government data showed that in the first half of this year, BYD further expanded its sales lead over Tesla in Singapore.
This highlights that Tesla is facing challenges in sales from Chinese competitors.
, Photo source: BYD, in Singapore, one of the smallest car markets in Southeast Asia, BYD has shown strong growth.
In the first half of the year, sales of electric vehicles in Singapore jumped 83% compared with the whole of last year to 2,587 vehicles.
Tesla, ranked second, sold a total of 969 electric vehicles during this period, only 28 more than last year.
Singapore is a small island with a population of 5.
9 million.
It has a rich economy and ranks among the top in the world in car taxes.
In Singapore, the price difference between BYD and Tesla is small because car owners must purchase an electric vehicle certificate worth about Singapore, 000 (US$74,000).
Singapore plans to stop selling new fuel vehicles from 2030.
In the first half of this year, electric vehicle sales in the country accounted for about one-third of total vehicle sales.
In this context, BYD has stepped up its marketing efforts in Singapore, opening two themed restaurants where consumers can taste dishes inspired by its model and book test drives.
, BYD’s strong performance in the Singapore market highlights BYD’s ambition to dominate the Southeast Asian market.
In Southeast Asia, gasoline vehicle brands from Japan and South Korea are very popular, while Tesla has not yet established a strong influence.
BYD has already achieved early success in Southeast Asia, and Thailand has become BYD’s largest overseas market as distribution partnerships with local conglomerates continue to expand.
In the second quarter of this year, BYD’s overall sales increased by 21% year-on-year and continues to actively expand outside of China, including opening its first stores in Vietnam this week.
In contrast, Tesla’s market share fell to 4% in the broader Southeast Asian market in the first quarter of this year from 6% a year ago, according to the latest data from research firm Counterpoint, despite overall sales in the Southeast Asian electric vehicle market increased by 37%.
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