Clicky

  • Login
  • Register
  • Submit Your Content
  • Contact Us
Wednesday, August 21, 2024
World Tribune
No Result
View All Result
  • Home
  • News
  • Business
  • Technology
  • Sports
  • Health
  • Food
Submit
  • Home
  • News
  • Business
  • Technology
  • Sports
  • Health
  • Food
No Result
View All Result
World Tribune
No Result
View All Result

Chinese EV makers debut in Singapore as city-state dangles incentives

August 9, 2024
in News
Reading Time: 4 mins read
A A
Chinese EV makers debut in Singapore as city-state dangles incentives
0
SHARES
ShareShareShareShareShare

READ ALSO

Volatility spike was a ‘huge overreaction,’ but more could be ahead, strategist says

Japan trade on deck, Wall Street rally pauses

GUANGZHOU,CHINA – NOVEMBER 24: A ZEEKR X is on display during the 2023 Guangzhou International Automobile Exhibition at China Import and Export Fair Complex on November 24, 2023 in Guangzhou, Guangdong province of China. (Photo by Stringer/Anadolu via Getty Images)

Anadolu | Anadolu | Getty Images

More Chinese electric vehicle brands are launching in Singapore as the government pushes for EV adoption with extended incentives and charging points.

Last week, Geely-owned luxury EV brand Zeekr debuted in the city-state with the Zeekr X, a premium SUV with a starting price of 199,999 Singapore dollars ($150,604).

Just a week earlier, Xpeng Motors announced its entry into the Singapore market with a pop-up showroom, offering visitors the opportunity to test drive the Xpeng G6 electric SUV. Prices start from SG$209,999 for the standard model and SG$224,999 for the longer range version.

“As Singapore continues to progress its EV transition, we believe that there is a desire for EVs that go beyond being simply a form of conveyance, to offering a premium driving experience with conveniences that elevate urban living,” said Mars Chen, vice president of Zeekr, after the brand’s Singapore launch last week.

“We are optimistic that our launch will grow our footprint across Southeast Asia and beyond,” Chen said.

Chinese EVs are not new to Singapore as the world’s largest EV seller BYD, which dethroned Tesla, has been in the city-state since 2014.

We note that the city state’s EV charging infrastructure will need to expand rapidly over the medium term to support continued EV adoption.

BMI, a Fitch Solutions company

BYD’s fleet of 30 electric taxis first hit Singapore roads in December 2014 and the firm subsequently introduced a range of EVs from trucks and buses to passenger cars such as the e6 and Seal.

Other Chinese automakers like GAC Aion and Chery have also introduced EV models in Singapore.

“I think they are trying to go global and Singapore is just one of the countries they are looking to expand into. Singapore is also very developed — the urban landscape makes it perfect for EVs,” Maybank Securities analyst Jarick Seet told CNBC.

“Along with the government’s push towards EVs, it’s ideal for EV players to expand into Singapore despite its small market size,” Seet said.

Singapore wants to phase out diesel-powered cars and taxis starting in 2025 and internal combustion engine vehicles from 2030, as part of the government’s push to have all vehicles running on cleaner energy by 2040.

Chinese EV makers debut in Singapore as city-state dangles incentives

During the first half of this year, about one in three new cars sold in Singapore was an EV – nearly double the 2023 figure of around 18%, according to the Ministry of Transport.

EV adoption has increased significantly, with incentives and an emissions scheme helping to lower the upfront costs of owning an EV by up to SG$40,000 in 2024, Minister of Transport Chee Hong Tat said in July.

The availability of charging infrastructure has long been a challenge, but Chee said installation is “on track” to support a larger EV population, with a target of 60,000 charging points by 2030. Over 7,100 EV charging points have been installed across the country so far.

Singapore’s push

To sustain the momentum of EV adoption, Singapore in September extended the EV Early Adoption Incentive scheme by two years to 2025.

Under the program, newly registered fully electric cars and taxis will receive 45% rebate off the additional registration fee – a tax imposed upon registration of a vehicle – capped at SG$15,000.

Additionally, people who register a car or taxi with cleaner emissions will qualify for an emission rebate which will be used to offset the car or taxi’s ARF.

BMI, a Fitch Solutions company, said the extended EV subsidies and the local assembly of Hyundai Ioniq EVs will boost the passenger EV segment in Singapore over 2024.

Read more about tech and crypto from CNBC Pro

“We note that the city state’s EV charging infrastructure will need to expand rapidly over the medium term to support continued EV adoption,” BMI analysts said in a June report.

“That said, we note that the well developed public transportation and micromobility solutions, along with the high cost of vehicle ownership in Singapore, will all serve to cap the potential size of the market,” the analysts added.

BMI predicts passenger EV sales in Singapore will increase by 73.7% year over year in 2024, with plug-in hybrid EV sales increasing by 53.4% and battery EV sales by 74.7%.

Credit: Source link

ShareTweetSendSharePin
Previous Post

A robotics company has 3D printed nearly a hundred homes in Texas

Next Post

Investment banker bonuses soar: Wall Street pay skyrockets in 2024

Related Posts

Volatility spike was a ‘huge overreaction,’ but more could be ahead, strategist says
News

Volatility spike was a ‘huge overreaction,’ but more could be ahead, strategist says

August 21, 2024
Japan trade on deck, Wall Street rally pauses
News

Japan trade on deck, Wall Street rally pauses

August 21, 2024
GMC targets electric truck leadership against Tesla, Ford, Rivian
News

GMC targets electric truck leadership against Tesla, Ford, Rivian

August 21, 2024
Brits snap up lower mortgages as BOE cut boosts market
News

Brits snap up lower mortgages as BOE cut boosts market

August 20, 2024
Eli Lilly weight loss drug cuts risk of developing diabetes in trial
News

Eli Lilly weight loss drug cuts risk of developing diabetes in trial

August 20, 2024
Who is Mike Lynch, UK tech entrepreneur missing in superyacht sinking?
News

Who is Mike Lynch, UK tech entrepreneur missing in superyacht sinking?

August 20, 2024
Next Post
Investment banker bonuses soar: Wall Street pay skyrockets in 2024

Investment banker bonuses soar: Wall Street pay skyrockets in 2024

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

What's New Here!

Canary Speech, Veteran Business Project partner to support veteran entrepreneurs

Canary Speech, Veteran Business Project partner to support veteran entrepreneurs

August 5, 2024
A German diaspora in North Carolina is booming thanks to a multibillion-dollar investment from Germany

A German diaspora in North Carolina is booming thanks to a multibillion-dollar investment from Germany

August 17, 2024
Exclusive: Crypto veteran Meltem Demirors raising two venture funds totaling  million

Exclusive: Crypto veteran Meltem Demirors raising two venture funds totaling $75 million

August 7, 2024
Apple’s AirPods Max drop back down to 0

Apple’s AirPods Max drop back down to $400

August 5, 2024
Agilent Technologies acquires lab instrument monitoring company Sigsense

Agilent Technologies acquires lab instrument monitoring company Sigsense

July 30, 2024
Jannik Sinner should be ‘gone for 2 years’ over steroid test: Kyrgios

Jannik Sinner should be ‘gone for 2 years’ over steroid test: Kyrgios

August 21, 2024
David Peterson’s latest Mets outing leaves Carlos Mendoza raving

David Peterson’s latest Mets outing leaves Carlos Mendoza raving

August 20, 2024

About

World Tribune is an online news portal that shares the latest news on world, business, health, tech, sports, and related topics.

Follow us

Recent Posts

  • Volatility spike was a ‘huge overreaction,’ but more could be ahead, strategist says
  • The EU wants no corner of the digital sphere left untouched, warning X and AI could be next
  • Kevin James recreates viral video in electric Mets moment
  • Japan trade on deck, Wall Street rally pauses

Newslatter

Loading
  • Submit Your Content
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA

© 2024 World Tribune - All Rights Reserved!

No Result
View All Result
  • Home
  • News
  • Business
  • Technology
  • Sports
  • Health
  • Food

© 2024 World Tribune - All Rights Reserved!

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In