Five things to know about BYD and why it’s taking off in Singapore
Chinese electric vehicle (EV) maker BYD has been in the spotlight recently, having been tipped as Singapore’s best-selling car brand after topping sales in 2025. Its showrooms have also seen a surge in interest following the recent Iran oil shock that has driven demand for EVs across Asia.
BYD, short for Build Your Dreams, is primarily owned and controlled by its founder, Wang Chuanfu, who holds a significant stake of about 17.6 per cent. Other key stakeholders include vice chairman Lu Xiangyang, as well as institutional investors such as Berkshire Hathaway.
Founded in 1995 and headquartered in Shenzhen, China, the company began as a battery manufacturer before expanding into the automotive industry in 2003. It has since grown into a leading global producer of EVs, buses and batteries.
The brand has also been China’s top-selling New Energy Vehicle (NEV) maker for nine consecutive years.
Here are five key things to know about the Chinese car brand and its surge in popularity in recent years.
1. It overtook Tesla as the world’s biggest EV maker
BYD has become the world’s largest EV maker, overtaking Elon Musk’s Tesla in annual sales for the first time in 2025.
The company recorded 4.55 million vehicle sales that year, according to The Guardian. It also more than doubled its commercial vehicle sales — including electric buses and lorries — to 57,000 units.
In contrast, Tesla’s deliveries fell by nearly nine per cent in 2025, marking its second consecutive year of decline, while BYD’s sales rose by almost 28 per cent.
BYD’s vehicles are now sold in more than 400 cities worldwide, with monthly sales exceeding 200,000 units.
2. It is now Singapore’s top-selling car brand
BYD entered the Singapore market in 2014, initially focusing on electric buses, taxis and commercial vehicles before expanding into the passenger car market in 2019.
Now, BYD has overtaken Japan’s Toyota to become the country’s top-selling car brand in 2025, accounting for more than 20 per cent of all new car sales, reported The Straits Times.
Just two years earlier, in 2024, Toyota sold 7,876 cars in Singapore, surpassing BYD’s 6,191, according to CNA. In contrast, BYD sold just three cars locally in 2020.
The brand’s dominance comes amid a surge in EV sales, which comprised a record-high 45 per cent of all new cars registered in Singapore in 2025. It is also the only manufacturer to have more than 10,000 vehicles registered in Singapore.
In 2025, BYD registered 11,184 vehicles, well ahead of Toyota’s 7,466 units and BMW’s 5,091 units.
According to Land Transport Authority (LTA) figures released on Jan 22, 23,684 out of the 52,678 new cars registered in 2025 were electric, making EVs the most common type of new car here for the first time.
Tesla, the only other EV-focused brand in the top 10, ranked sixth.
3. Competitive pricing and features are driving demand
A key factor behind BYD’s popularity is its competitive pricing. Drivers told CNA that BYD models are priced relatively lower than internal combustion engines (ICE) cars and other EV brands, while offering more features.
A owner said he bought the M6 model for about $175,000. Comparable ICE vehicles were slightly more expensive and did not include features such as ventilated seats, a sunroof and tyre pressure monitoring.
Experts also point to BYD’s large-scale manufacturing capabilities, which help lower production costs per unit and make its vehicles more accessible to the mass market.
4. Demand is rising amid fuel prices and policy shifts
Rising oil prices following the recent Iran conflict have boosted interest in EVs across the region, with BYD showrooms seeing increased traffic.
One dealership in Manila’s financial district reportedly received a month’s worth of orders within just two weeks.
Singapore’s push towards cleaner-energy vehicles has also supported demand.
The country plans to fully transition to cleaner-energy vehicles such as EVs, hybrids and hydrogen fuel cell cars from 2030. Measures are already underway, with new diesel car and taxi registrations phased out from 2025.
5. How much do BYD cars cost?
BYD currently offers five models in Singapore, including an MPV, SUV, sedan and hatchback. Prices vary depending on the model.
Under Category A, the popular BYD Atto 3 SUV is listed at around $230,888 (excluding COE), according to BYD’s price list dated March 19 to April 8, 2026
Meanwhile, the BYD Seal sedan is listed at about $263,388.
For EV owners, one of the main ongoing costs is charging. Installing a home charger — especially one linked to a solar panel system — can help reduce long-term expenses.
According to The Business Times, current rates for Singapore’s public EV charging network range from about $0.50 to $0.80 per kilowatt-hour, depending on charging speed. These rates remain largely unchanged despite the recent conflict.
In comparison, petrol and diesel prices have risen in recent weeks.
The Straits Times reported that as at March 20, the price of 95-octane petrol was $3.47 per litre at Caltex, Shell, Esso and Sinopec stations, based on data from the Price Kaki app by the Consumers Association of Singapore. This is before any discounts are applied.
The same grade of petrol cost $2.88 per litre at most stations on Feb 28 when the conflict began.
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