Chinese electric vehicle (EV) manufacturers are increasingly entering the Singaporean market as the city-state amplifies efforts to boost EV adoption through expanded incentives and charging infrastructure.
Last week, Zeekr, a luxury EV brand owned by Geely, made its debut in Singapore with the Zeekr X, a premium SUV priced from 199,999 Singapore dollars (approximately $150,604). Mars Chen, Vice President of Zeekr, remarked, “As Singapore continues to advance its EV transition, there is a growing demand for vehicles that offer more than mere transportation, but rather a premium driving experience that enhances urban living.” Chen expressed optimism about the brand’s expansion across Southeast Asia.
Just a week prior, Xpeng Motors introduced its presence in Singapore with a pop-up showroom featuring the Xpeng G6 electric SUV. The standard model starts at SG$209,999, while the extended range version is priced at SG$224,999. An Xpeng Global spokesperson highlighted Singapore’s potential as a key market due to its affluent consumer base and strong purchasing power.
Chinese EV presence in Singapore is not new, with BYD—having displaced Tesla as the world’s largest EV seller—launching its fleet of electric taxis in 2014 and subsequently expanding its offerings to include trucks, buses, and passenger cars. Other Chinese automakers, such as GAC Aion and Chery, have also introduced EV models to the Singaporean market.
Analyst Jarick Seet from Maybank Securities noted that Singapore’s developed urban environment and government incentives make it an attractive market for global EV expansion, despite its relatively small size. The government aims to phase out diesel cars and taxis by 2025 and internal combustion engine vehicles by 2030, targeting a complete shift to cleaner energy vehicles by 2040.
In the first half of 2024, EVs accounted for about one-third of new car sales in Singapore, nearly doubling the 2023 figure. The government has extended the EV Early Adoption Incentive scheme through 2025, offering a 45% rebate on the additional registration fee for new electric cars and taxis, capped at SG$15,000. This initiative, alongside the goal of 60,000 charging points by 2030, is expected to drive further EV adoption. As of now, over 7,100 charging points have been installed.
BMI forecasts a 73.7% increase in passenger EV sales in Singapore for 2024, with significant growth also projected for plug-in hybrid and battery EVs. The firm emphasizes the need for continued expansion of EV charging infrastructure to support this growth.
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