Mid-2024 leaderboard: Is it Toyota or BYD that's on top?

It's been trumpeted over the mountains and across the seas for a while now. And as the official figures from the Land Transport Authority have come in for H1 2024, it has continued to hold true.

Singapore's best-selling passenger car brand for the first half of 2024, when taking into sole account registrations from authorised dealers (ADs) wasn't Japanese or German. Instead, it was Chinese - and fully electric. 

With 2,587 units registered across January to June 2024, BYD has emerged as the top-selling brand when factoring in only AD registrations. In doing so, it bests a number of far more established names, including the traditional Top Three (which have swapped places among themselves over the past few years): BMW, Mercedes-Benz and Toyota, in descending order this time round. 

Registrations of the BYD Atto 3 made up 84.3% of the brand's total for H1 2024

Much has also been made about the fact that the Atto 3 has been the brand's best-selling model. But to what degree, you may ask?

Drilling down by body styles (the Atto 3 is BYD's only SUV on sale currently), the LTA's figures indicate that the number Atto 3s registered from January to June amounted to an incredible total of 2,180 units. This represents a good 84.3% of BYD's total registrations thus far in 2024. 

Other interesting facts? The model's best month was in April, during which 533 units were logged. Based solely off the strength of the Atto 3 in April alone, BYD would have still made the Top 10 AD-only list. 

From regular sales campaigns, to automotive lifestyle concepts, to an expanding dealer network, the lengths to which BYD has gone to ensure the general public is familiar with its name are undeniable

As to what might explain the brand's clear dominance today, it's undeniable that its lineup today is already quite compelling, now including the cutesy Dolphin and the sportier Seal, apart from the Atto 3. 

But it'd be remiss not to also point out the blitzkrieg of exposure campaigns that that local buyers have been rained down on with. 

Between appointing yet another new dealer, expanding its circle of 'automotive lifestyle outlets' (which blend the car-buying and F&B worlds together), countless roadshows, and even a 100-hour sales marathon, these three letters have been near impossible to escape in 2024.

It appears that the brand wants its name plastered everywhere one looks - and it also appears that this is exactly what it has managed to accomplish. 

The rapid and astronomical rise is all the more remarkable when one considers that BYD's 'Second Coming' in Singapore was only kick-started by the Atto 3's launch in mid-2022. Prior to that, it had only fielded the e6 and M3e on our shores, and was certainly nowhere near the Top 10 - much less the ultimate champion. 

Swapping places with BYD, Toyota leaps back to the top again when taking into consideration overall registrations. Meanwhile, BMW holds steady in 3^rd place 

The fuller picture again: The same Top 10, a different order

Once again, however, throwing figures from our parallel importers into the mix paints a slightly different picture. While the exact same list of names remain in the Top 10, a number of rankings have been re-arranged - with BYD notably ceding the crown to a different king.

Clearly bolstered by strong demand for models offered by parallel importers, Toyota jumps right to the top (again), with 3,165 units registered overall for the first half of 2024. The firm's hybrid models comprise a good 82.9% of the total.

Another Japanese brand that has historically excelled in the grey market also makes a huge leap: Honda rises from 10^th to 5^th place instead, with parallel imports helping to contribute close to 1,000 registrations (or a good 65% of the H1 2024 total). The order of the rest of the Top 10 remains the same otherwise.

Honda's presence in Singapore continues to be bolstered by parallel imports, which contributed to 65% of the brand's overall registrations in H1 2024 (Pictured: Honda Stepwagon)

Remarkably, compared to where they were in mid-2023, all of the Top 10 brands are outpacing themselves thus far.

Even the 'smallest' gainers, Toyota and Mercedes-Benz, posted double-digit growth of 10% - but it's also worth noting that these are not insubstantial numbers since both brands were already working with higher baselines for growth.

Then, moving further up, brands including Kia and BMW have witnessed growth of close to 50%. 

BMW's growth is particularly noteworthy since its growth places it above arch-rival Mercedes-Benz. It's more than likely its duo of relatively-new Cat A crossovers - the BMW X2 and BMW iX1 - have sold strongly since their introductions at the 2024 Singapore Motor Show. 

Fresh Cat A duo: It's likely the X2 and iX1 have done good business for BMW since both were launched at the Motor Show earlier this year

Meanwhile, Tesla and Hyundai fared even better, with their registrations more than doubling year-on-year compared to where they were in mid-2023. 

And again, the fact that BYD's growth has been astronomical is perhaps no longer a surprise - but to see that it has grown by a whopping 613% is still surreal. The Chinese brand's figures also mean that models from the firm comprised 13.9% of all new cars registered for H1 2024.

In other words, for every 10 cars hitting our roads in these six months, more than one was a BYD. (In fact, if we - again - take the Atto 3's registrations alone, the statement would still hold up.) That's the very definition of mass market appeal. 

Registration figures for both Hyundai and Tesla across the first half of 2024 are more double their figures for the first half of 2023

And a rather significantly reshuffled Top 25

The rest of the Top 25 are as follows:

Among these names, perhaps one of the first things that should jump out is who places at 11^th overall: MG.

MG's H1 2024 ranking - at 11^th place - is the best that we've seen from the brand since we started our tracking in 2022. It supplants brands that have traditionally been stronger in the process, including Audi and Volkswagen

Since we started tracking registrations in 2022, this is the Anglo-Chinese carmaker's best showing thus far.

It'll be interesting to see how the brand holds across the next six months. But before taking a deeper dive further down into the electric-only registrations, it's worth noting that the firm's EVs contributed to more than two-thirds of its H1 2024 performance.

Meanwhile, maintaining its performance with considerable strength and stability is Volvo.

With 266 units registered, the Swedish premium brand ranks above the likes of Volkswagen, Skoda, Subaru and Suzuki for 2024 thus far. Earlier this year, the brand welcomed a downsized, all-new and all-electric member to the family - the EX30 - which is coincidentally also its cheapest model on sale here. 

As for what's to come next, brands that have seen new models launched very recently - or should see new models launching in the months to come - include Audi, Porsche, Volkswagen, Skoda, ORA, MINI, Maserati and Aion. 

Compared to mid-2023, you'll notice both the absence of three older names, and consequently, the entry of three new ones - both of which illuminate some interesting insights. 

The departees: Opel, Rolls-Royce, Ferrari

Let's talk about who's not here first.

The sole mass market brand to leave the Top 25 is Opel, which registered a mere 26 units across the first half of 2024. Out of these, only two were petrol-powered, while the remaining 24 were purely electric. At this point last year, the brand had logged a much healthier 152 units, the bulk of which - we suspect - came from its tie-up with BlueSG to supply a batch Corsa-e electric superminis to its fleet.

The other two departing names, however, fall under the same hyper-exclusive umbrella - and also speak to a broader trend that has taken the local car market by storm.

Demand for supercars - and super-luxury cars - has diminished since new 'progressive taxes' were announced in Budget 2023

Previously placing at 23^rd and 25^th place respectively, Rolls-Royce and Ferrari no longer stand among the Top 25. Compared to 100 units and 69 units (again respectively) a year ago, the two ultra-luxury brands see their registrations standing at just 16 and 14 units across the first half of 2024.

But it's not just the two marques that have suffered; so, too, have the likes of Aston Martin (four units), Lotus (11 units), Bentley (12 units), McLaren (seven units) and Lamborghini (six units). 

Despite the dip in registrations, it's worth noting that 10 of the 16 Rolls-Royces registered in H1 2024 were fully electric. The marque only has one fully electric model thus far: The gorgeous Spectre

In fact, put together the registrations of the seven brands (including Ferrari and Rolls-Royce) across H1 2024, and you'll only just about match what Ferrari alone managed on its own in H1 2023. 

That supercar and super-luxury brands have suffered greatly shouldn't be surprising - and marks a continuing trend from what we had already seen in the second half of 2023.

Back in February 2023, another drastic revision to the Additional Registration Fee (ARF) structure saw taxes skyrocketing even further for ultra-luxury cars - and just as crucially, also saw the potential de-registration rebates capped at $60,000. (A rather measly sum, considering these cars are all million-dollar cars.) 

It's likely that buyers have responded in kind since. 

New (ish) players: Maserati, ORA, Aion

One of the three new names entering the Top 25 for H1 2024 isn't technically new; it's just seen a nice lift. 

The Grecale - Maserati's only mild hybrid SUV thus far - was the brand's best-seller for H1 2024, with 40 units registered 

With 48 units registered - all via its authorised dealer, Tridente Automobili - Maserati just about makes the cut at 24^th place.

The LTA's stats indicate that it was the Grecale (the sole mild hybrid SUV in the lineup) that was largely responsible for this, contributing to a good 40 units - and proving that the introduction of a compact SUV to the brand's range was indeed a good move. 

Moving forward, it will be interesting to see what the return of a hallowed GT icon for the firm - the all-new GranTurismo - will do for the brand. The sports car was launched in Singapore just last week, and currently retails at a rather eye-watering figure of $688,000 without COE. 

Prowling kittens: ORA registered 88 units of the Good Cat in H1 2024. Since the brand's introduction to Singapore last August, more than 140 Good Cats have been registered here

The remaining fresh entrants into the Top 25 for H1 2024, however, are fully electric Chinese brands that debuted in Singapore over the last 12 months.

GWM (Great Wall Motor), which owns ORA, hasn't quite reached the heights of BYD in Singapore. Still, with only one model on our shores so far, the brand has been doing steady business, registering 88 units of the Good Cat across the first six months of 2024.

Adding this figure on to the 54 units registered by the brand last year would mean that there are currently more than 140 Good Cats roaming about on Singapore's roads. Meow. 

Within just three months, Aion has managed to crack the Top 25, with 46 units registered thus far

GAC, the other newcomer on the list, is even younger still. Officially launched in Singapore only in April under the Aion brand, its performance is also rather commendable - registering 46 units in its first three months here alone. 25 of these came from May, with another 18 in June. 

There are currently two models sold under the Aion brand - an electric sedan, called the Aion ES, as well as the Aion Y Plus, an electric compact crossover, which recently saw a more premium trim being launched.

Incidentally, the two models are also the cheapest electric sedan and cheapest electric crossover on the market currently. 

On that note...

Fully electric leaderboard: Where do the new (Chinese) brands stand so far? 

It should be no surprise that the take-up of electric cars has been increasing steadily. 

But again, how exponential has that growth been?  

*Citroen and Volkswagen each had only 1 electric unit registered as of H1 2023 

Together, the registrations from the Top 11 performing brands (there was a tie between two brands in H1 2023, necessitating the inclusion of one more position) totalled 5,719 units. This was more than the triple the volume for the Top 11 in H1 2023, which amounted to 1,788 units.

Mercedes-Benz is the only brand in the electric Top 10 to see its EV registrations shrink compared to H1 2023 - although the recent reintroductions of the EQA and EQB in facelifted form may help the brand's fortunes for the rest of 2024

Where most brands experienced not just growth, but significant growth, the only brand to see its electric-only registrations fall year-on-year for the first half was Mercedes-Benz, which experienced a 9% decline. 

Again, looking at how EV registrations contributed to the overall performance of each brand indicates that those who have one foot in the door towards electrification to gain. 

Particularly noteworthy are MG and Citroen, for which all-electric models make up 81% and - yes - 100% of registrations respectively for H1 2024.

Although it hasn't been publicised loudly, Citroen is currently a fully electric brand in Singapore when looking at its passenger car models. The firm currently only sells the e-C4 and e-C4 X - which together, contributed to all of the firm's registrations in H1 2024

Interestingly (and quietly), Citroen's local lineup went all-electric back in January, after both the C4 and C5 Aircross were taken off its pricelist. With only the e-C4 crossover and e-C4 X sedan sold by C&C, that means the French brand is effectively an electric-only brand in Singapore currently. 

MG has also gone down the same route, and is now represented by four electric models across four different body styles, including the MG 4 EV hatchback, crossover MG ZS EV and M9 EV MPV. Crucially, while the former two were initially launched with Cat B powertrains, both slipped back into Cat A over the past year. 

Assessing OMODA and smart:

With 2024 seeming to bring with it an influx of new brands - all of which are either Chinese or have some Chinese-input - the logical question on everyone's minds should be: How have the rest of the new names - apart from Aion - fared?

Smart and OMODA haven't fared as well as Aion thus far - although both brands did enjoy their best performances on record for the month of June 

Registering 18 units from April to June, OMODA finds itself in 20^th position (for the electric-only list) for H1 2024, while Smart, which registered 12 units across the exact same three-month timeframe (AD only, since only the fortwo and forfour are sold by parallel importers), places just behind, at 21^st place. Both brands still have relatively lean lineups at the moment, with OMODA only offering the E5 currently, and Smart giving buyers two flavours of its #1 crossover - the #1 Pro+ and bonkers #1 Brabus. 

A variety of factors are still up in the air; it's entirely possible that orders have already been put in, and that their dealers are simply waiting for the deliveries to be fulfilled. Notably, both brands also managed their best months on record thus far in June itself, registering 10 units each. The remaining half of the year will give a clearer indication of how the public has taken to both names, each of which arguably offers something compelling in its own right. 

Still, the competition is set to heat up further as even more new EV brands start to make their way to Singapore - including this duo of premium-skewing names, represented by Premium Automobiles...

Here's a look back at our past analyses, including our 2023 full-year round-up, mid-2023 leaderboard, and 2022 full-year recount!

2023 round-up: Toyota, Merc lead again; BYD makes huge waves

Mid-2023 leaderboard: Toyota leads, BYD and Tesla in Top 10

A different 2022 list: Toyota still leading, as Porsche and BYD knock on the Top 10's door