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

More Chinese electric vehicle brands are being launched in Singapore as the government encourages EV adoption with incentives and more charging points.

last week, GeelyZeekr, a premium EV brand owned by the Singapore government, has launched the Zeekr X, a premium SUV in Singapore, priced from S$199,999 ($150,604).

Just a week ago, Koho Motors The company announced its entry into the Singapore market with a pop-up showroom, offering visitors the opportunity to test drive the Xpeng G6 electric SUV, with prices starting from S$209,999 for the standard model and S$224,999 for the long-range version.

“As Singapore continues its transition to EVs, we see an appetite for EVs that go beyond just transportation to offer a premium driving experience with the convenience to enhance urban living,” Z-Car vice president Mars Chen said after the brand’s launch in Singapore last week.

“We are optimistic that this launch will expand our footprint across Southeast Asia and beyond,” Cheng said.

Chinese EVs are nothing new to Singapore, the world’s largest seller of EVs. BYDTesla, the company that has usurped Tesla’s throne, has been present in the city-state since 2014.

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

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

“They’re looking to expand globally and I think Singapore is just one of the countries they’re looking at. Singapore is very developed and the urban landscape is perfect for EVs,” Maybank Securities analyst Jaric Seet told CNBC.

“Coupled with the government’s push for EVs, Singapore is an ideal place for EV manufacturers to set up shop, despite the small market size,” Mr Seet said.

Singapore plans to phase out diesel cars and taxis from 2025 and internal combustion engine vehicles from 2030, as part of a wider government drive. All vehicles to run on cleaner energy by 2040.

In the first half of this year, About one-third of new cars sold Electric vehicles will make up 20% of Singapore’s car sales, nearly double the roughly 18% expected in 2023, according to the Ministry of Transport.

EV adoption is increasing significantly, with incentives and emission reduction schemes expected to reduce the upfront cost of an EV by up to SG$40,000 by 2024. Transport Minister Chee Hong Tat said in July.

While charging infrastructure has long been a challenge, Chee said the infrastructure is “progressing well” to accommodate the growing EV population. Aiming for 60,000 charging points by 2030So far, more than 7,100 EV charging points have been installed across the country.