BYD crowned Thailand’s 2024 EV sales and surpassed Toyota in Singapore

In Thailand, the number of pure electric vehicle registrations in 2024 was 70,137 units, down 8.1% year-on-year, with a market penetration rate of 14.0%. Among the top ten best-selling brands, seven were Chinese brands, with BYD ranking first in sales throughout the year, claiming more than one-third of the market share.

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In October 2022, BYD launched its Atto 3 in Thailand and started selling it in November that year. Since January 2023, BYD has won the sales champion of pure electric vehicles in Thailand for at least 18 months. Today, one out of every three pure electric vehicles sold in Thailand is from BYD.

It is worth pointing out that Japanese brands such as Honda, Toyota, Nissan, and Isuzu previously occupied more than 90% of the local Thai car market. BYD’s strategy is to use Thailand as a spear to penetrate the rest of the Southeast Asian market.

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Take Singapore as an example, BYD claimed the overall sales champion last year for the first time, beating Toyota. In 2024, BYD’s sales increased from 1,416 units in 2023 to 6,191 units, dominating 14.4% of the market share, according to the new car registration data of authorized dealers released by the Land Transport Authority of Singapore.

Toyota followed closely with an annual sales of 5,736 vehicles, BMW 5,042 vehicles, and Mercedes-Benz 4,887 vehicles, ranking second to fourth respectively. Additionally, Tesla’s sales reached four digits for the first time last year, increasing from 940 in 2023 to 2,384 vehicles.

Not just in Singapore, BYD also surpassed Toyota in the Japanese electric vehicle market for the first time in 2024 with 2,223 units sold, a year-on-year increase of 54%. In contrast, Toyota’s electric vehicle sales fell by 30% to only 2,038 units.

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Source: Autohome