Chinese electric vehicle (EV) manufacturer BYD has widened its sales lead over Tesla in Singapore during the first half of this year, according to government data. This development highlights the competitive challenge Tesla faces from Chinese rivals in the global EV market.
Strong Growth in Singapore
BYD’s robust performance in Singapore, a relatively small but affluent auto market, underscores its ambition to dominate the Southeast Asian market. This region, where petrol car brands from Japan and South Korea are prevalent, has seen limited penetration by Tesla so far.
Regional Expansion and Strategy
BYD has already found significant success in Southeast Asia, with Thailand emerging as its largest overseas market. The company has expanded its distribution partnerships with local conglomerates, further solidifying its presence. Recently, BYD opened its first stores in Vietnam, a market where Tesla has not yet commenced vehicle sales.