Singapore Passenger Car Sales : Q1 2024

Registrations were up 42% in March and 26% YTD. With the artificial way in which car sales are handled here, the ups and downs tell us little other than how many certificates were available at any given time. 

We can learn more when looking at brands. Toyota / Lexus combination leads although if separated it would be Mercedes-Benz in front. BYD has come from nowhere to third, elbowing BMW out of the way in the process, despite the latter doing well.

As for changes, the Toyota / Lexus market share is the lowest since 2013, BMW the highest since that year ironically. Nissan's share is the best since 2017 but Audi is currently residing at its lowest point going back to 2008. It's also of note that for 2024, Rolls Royce registrations are down 73% on last year's complete 2023, Bentley 55% lower and Ferrari off 77%. 

While all the variances above are not what one would normally see, in a market that is controlled with a limited certificate system, not all that surprising. 

Data source: LTA. 

Korea Passenger Car/LCV Sales : Q1 2024

Apart from some high ticket brands, the data below covers the vast majority of sales. The total market and imports are both down 12% YTD. As a market that heavily favours locally made - both with steep import duty and occasionally other means - it is dominated by a few domestic brands. Kia for now leads but has an ongoing lead change dogfight with Hyundai. 

Hyundai's premium marque Genesis is doing well while KG Mobility (formerly SsangYong) moved into fifth place courtesy of a fast falling Mercedes-Benz. Chevrolet is mainly locally made vehicles and Renault Korea was formerly known as Samsung. 

Imports lost two more marques for 2024 in the form of Jaguar and DS. The way some of the brands at the lower end of the list are faring, there may be more to follow. 

Data source: Kaida, Kama.

Japan Passenger Car Sales : Q1 2024

Scandals don't go down well in Japan. The culture is about face and losing it brings shame. Open apology and remorse mitigates some of the lost face but not all of it. That's how I see things but I'm not an expert in Japanese culture.

Daihatsu has recently been exposed for fraudulent vehicle testing. Production was halted for months as a result as the sales data below clearly shows. Toyota is the owner of Daihatsu and they haven't been immune to the fallout. Mazda obtains cars from them and may have been affected but less than the other two mentioned.

The Daihatsu Tanto Fun Cross (on the right) sums things up rather well. No fun for the company and no doubt has made the parent company Toyota very cross. It could be a while before Daihatsu is out of the woods over this scandal.

Total sales were down 16% with import brands down just 1%. The data below compares Q1 of 2024 with a complete 2023. Toyota losing 12% of its share in a market down 16% means Q1 2024 volume is actually 28% lower than 2023. Ouch! Daihatsu is much worse, of course. 

This has enabled other Japanese brands unaffected by the scandal to improve their situation markedly. As the year progresses, things may gradually return closer to what they were before but the damage already wreaked will not be fully erased this year and perhaps beyond.  

Data source: JAMA, JAIA.