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Tesla remains top EV brand in Singapore for a second year straight

Tesla remains top EV brand in Singapore for a second year straight
Tesla remains top EV brand in Singapore for a second year straight

Tesla, the prominent US-based EV manufacturer, reportedly continues to lead the field when it comes to EVs registered in Singapore as sales soar for a second year straight. The car maker has managed to retain its dominant position despite the fact that its competitors keep getting closer to challenge its standing.

For the record, EVs accounted for over 11.7% of all automobiles registered in the country in 2022, with approximately 3,634 units sold. This is a significant increase from the 1,740 units, or 3.8% of all registrations, in 2021. Only 100 EVs, or 0.2%, were in use in 2020.

Tesla's advantage has shrunk from 53.1% of all EVs listed in 2021 to 24.1% in 2022. However, it has still retained the top rank since 2021, when the EV brand owned by American billionaire Elon Musk became formally available in Singapore.

BYD was the best performer in terms of registration numbers; in 2022, it lagged Tesla just by 89 units. Its 786 registrations account for 21.6% of all EVs sold in the year. In 2021, the company's market share was 5.1%.

Those with 110 kW of power were categorized in the compact car group in the auctions for certificates of entitlement (COEs) starting in May 2022, where the premium tends to be lower, in order to promote the adoption of more mass-market EVs. Formerly, the threshold was set at 97kW and pertained to all automobiles, EVs, or otherwise.

The BYD e6, which has a rating of 70kW, was one of the top rated EV vehicles to have consistently been in the less expensive COE category even before the re-categorization.

Polestar, a Swedish company owned by Chinese automaker Geely, also performed well in its first full year in the industry, albeit at a higher price point.

The brand's seventh place in 2022 was supported only by the Polestar 2, in contrast to the other companies on the list of the leading 10 that had various models.

Source credit: https://www.straitstimes.com/singapore/transport/tesla-top-ev-brand-in-singapore-again-in-2022-but-byd-closing-gap

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Priyanka Nair

Priyanka Ravi Nair is an MBA (Finance) graduate who started her journey in content writing more than 2 years ago and there has been no looking back ever since. She aims to explore several aspects in the field of content writing and is currently writing news articles for Theresearchprocess on topics ranging from business and finance to technology and automobile.