Several Chinese electric vehicle (EV) brands are making their debut in Singapore as the city-state ramps up efforts to promote EV adoption through incentives and expanded charging infrastructure.
Recent Market Entries
- Zeekr’s Debut: Geely-owned luxury EV brand Zeekr has launched its Zeekr X in Singapore. The premium SUV is priced at 199,999 Singapore dollars ($150,604).
- Xpeng Motors: Xpeng has entered the Singapore market with a pop-up showroom showcasing the Xpeng G6 electric SUV. The standard model starts at SG$209,999, while the longer-range version is priced at SG$224,999.
Government Incentives and Infrastructure
- Incentives: Singapore’s government has extended its EV Early Adoption Incentive scheme to 2025, offering a 45% rebate on the additional registration fee for new fully electric cars and taxis, capped at SG$15,000. An emission rebate is also available for vehicles with cleaner emissions.
- Charging Infrastructure: The city-state is working to expand its charging infrastructure, with a target of 60,000 charging points by 2030. Currently, over 7,100 EV charging points are installed.
Market Dynamics
- Current Landscape: Chinese automaker BYD, the world’s largest EV seller, has been active in Singapore since 2014, introducing a variety of electric vehicles including taxis and passenger cars. Other Chinese brands like GAC Aion and Chery have also entered the market.
- Future Outlook: Analysts see Singapore as a strategic location for global EV expansion due to its developed infrastructure and government support. The city-state aims to phase out diesel-powered cars by 2025 and internal combustion engine vehicles by 2030, with a goal for all vehicles to run on cleaner energy by 2040.
Adoption Trends
- Growth: In the first half of 2024, approximately one in three new cars sold in Singapore was an EV, a significant increase from 18% in 2023. The government’s incentives and emissions schemes are driving this growth, along with local assembly efforts for models like the Hyundai Ioniq EV.