January 2025 new vehicle market: BYD’s Shark makes waves

The new vehicle market in January 2025 showed a mixed performance, with passenger vehicle registrations holding steady while the commercial sector faced some challenges. Consumer preferences continue to shift, and some fresh faces like the BYD Shark are starting to make their mark.

Passenger Vehicle Market

In the passenger vehicle category, registrations in January 2025 totalled 8059 units, slightly down by 0.7 per cent from the same time last year. Despite the small dip, Toyota continues to lead the way, seeing 1691 registrations, a 3.6 per cent increase. It maintains a solid 21% market share. Kia followed with 858 units, showing a modest 1 per cent growth, while Mitsubishi remained in the top three with 665 units, although it saw a 41.8 per cent decline from January last year.

Electric and hybrid vehicles were up, with BYD and MG standing out. BYD had a 322.5 per cent increase, reaching 169 units, while MG grew by 63.8%, with 321 units sold.

Top Passenger Models:

• Toyota RAV4: Leading the pack with 1023 units, up 65.3 per cent from January 2024.
• Kia Seltos: A strong performer with 362 units, up 16.8 per cent.
• Mitsubishi ASX: Despite a decline, still popular with 324 units.

Commercial Vehicle Market

The commercial vehicle market faced a bit of a rough patch in January, with registrations dropping by 9.9 per cent, down to 2799 units compared with 3105 units last year. Toyota, however, continued its strong run, leading the commercial market with 765 units, up 50 per cent and capturing 27.3 per cent market share. Ford, despite a tough month, held second place with 642 units, though this represented a 59.4 per cent decline. Mitsubishi showed positive momentum, registering 253 units, a 41.3 per cent increase.

A standout debut came from BYD with its Shark 6 model. The Shark made a significant splash with 194 units, capturing 6.9% of the market, signaling a shift towards newer, innovative brands in the commercial sector.

Top Commercial Models:

• Toyota Hilux: The top-seller with 613 units, despite a slight 6.8 per cent decline.
• Ford Ranger: Took a hit, down 62.4% to 553 units.
• Mitsubishi Triton: Held steady in third with 229 units.

Electric Vehicles Make a Comeback

Electric vehicles are showing some signs of life again, with registrations jumping by 130 per cent to 588 units, compared with just 255 units in January 2024—right after the Clean Car Discount ended. PHEVs (plug-in hybrid electric vehicles) also saw a similar rise, from 202 to 477 units.

BYD has taken the lead in both the electric and hybrid vehicle segments.