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Singapore October 2023: Toyota (+35.2%), BYD (+46.3%) ignore market edging down -1.8%

Toyota holds 27% of the Singaporean market in October.

New car sales in Singapore edge down -1.8% year-on-year to 2,352 units, with a year-to-date tally now down -12.6% to 22,910. These are particularly weak results given the fact October 2022 was already down -19.4% on the year prior and the YTD 2022 total was off -33.8% on 2021. The reason behind such a low market lie with the surging prices of COE (Certificates of Entitlement) which is a permit to drive your vehicle and can account for up to the same price as the car! Toyota (+35.2%) bucks the negative trend atop the brands charts and grows to 27.1% share vs. 23% so far this year. Mercedes (-18.5%) and Honda (-26.5%) both fall much faster than the market where BMW (+2.6%) manages a small uptick. As it has been the case for the best part of a year now, BYD (+46.3%) vastly outpaces the market to repeat at #5 with 6.7% share vs. 4% year-to-date. Tesla (+45%), Volkswagen (+38.1%) and Mazda (+12%) also stand out.

Previous month: Singapore September 2023: BYD, Nissan, Toyota stand out in market edging up 2.3%

One year ago: Singapore October 2022: BYD up to record #5 in market down -19.4%

Full October 2023 Top 40 All brands ranking below.

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