Core Insights - China's total goods trade import and export value reached 21.79 trillion yuan in the first half of the year, marking a historical high for the same period [1] - The "new three items" including electric passenger vehicles, lithium-ion batteries, and solar cells have become significant contributors to China's foreign trade exports [1] - Chinese electric vehicles (EVs) are rapidly gaining market share in Southeast Asia, particularly in Singapore, which has traditionally been dominated by Japanese and European brands [1] Trade Performance - In the first half of 2025, BYD became the best-selling car brand in Singapore with 4,667 new registrations, capturing 19.5% of the new car market [2] - The total number of new car registrations in Singapore increased by 29% year-on-year, from 18,576 in the first half of 2024 to 23,957 in 2025 [1][2] - The competitive landscape in Singapore is shifting, with 53 car brands registering new vehicles, and several Chinese brands like GAC Aion and Xpeng gaining market share [1] Consumer Preferences - Singaporean consumers are increasingly recognizing the quality of Chinese electric vehicles, as evidenced by personal testimonials highlighting the superior experience of brands like BYD compared to Tesla [3][4] - Factors influencing consumer choices include competitive pricing, government incentives for EVs, and a growing trust in the quality of Chinese manufacturing [6][7] Market Trends - The influx of Chinese electric vehicles in Singapore is attributed to competitive pricing, government EV incentives, and public trust in green initiatives [6][7] - The current market dynamics suggest that it will be challenging for non-Chinese brands to regain lost market share due to the cost advantages of Chinese manufacturers [7] - Predictions indicate that electric vehicles will see significant growth in Singapore over the next 5 to 10 years, with a notable increase in the number of registered EVs [8] Future Outlook - In 2024, BYD registered 6,191 new vehicles in Singapore, making it the top-selling brand in the passenger vehicle market [8] - The overall new car registrations in Singapore for 2024 reached 43,022, with electric vehicles accounting for 33.6% of the new registrations [8] - The upcoming Singapore car show featured a significant representation of electric and hybrid models, with a majority of the showcased vehicles being electric [8]