Lease It Easy: Your Guide to Car Leasing

  • General

20 Nov 2023

Driving Towards a Greener Future: Electric Vehicles (EV) in Singapore

Electric Vehicle (EV) – An EV is a car powered by electricity stored in its battery. It’s hailed as an eco-friendly option since it runs on electricity, not gasoline. Imagine recharging a smartphone – it’s that simple! Public charging points, over 3,600 in Singapore by 2023, make recharging convenient.

Singapore’s new car sales boast a 12% EV share in 2022, up 4% from 2021. Japan trails at 1%, much less than Singapore. Europe leads with many countries surpassing 20%, Norway being the star with a staggering 90% EV new car sales. Apart from Europe, China leads in EV sales, with over 5.9 million sold in 2022, an 80% jump from May 2021.

Singapore’s EV Road map

Despite the constraints of limited space, Singapore’s Government from boosting the EV charging network. By end 2023, one-third of Housing Board carparks will have charging points, aligned with the push for sustainable transport.

Over 2,000 EV charging points are set for 700+ HDB carparks by 2023. A large-scale tender awarded in November 2022 paves the way for approximately 12,000 chargers by 2025, emphasized by Transport Minister S. Iswaran during a media event.

Singapore aims for 12,000 charging points by 2025 to cater to the rising EV population. The ultimate goal: transitioning all vehicles to cleaner energy by 2040. Singapore’s ambition extends further – targeting over 60,000 EV charging points by 2030, split between public carparks and private premises.

(Overview of EV Road Map)

Incentive Support for EV Owner

Singapore incentivizes EV adoption with EV Early Adoption Incentive (EEAI) and Green Plan 2030, offering ARF rebates, road tax reductions, and the EV Common Charger Grant for private residences.

From 1 January 2021 to 31 December 2023, 45% ARF rebate (capped at $20,000) and up to a 34% reduction in Road tax for new EV owners. In addition, LTA (* 1) introduced EV Common Charger Grant in July 2021 to promote the widespread use of EV chargers by subsidizing the installation at non-landed private residences such as condominiums and private apartments.

Future goal

Singapore is working towards a greener transport system, aiming to cut 80% of peak land transport emissions by around mid-century. The Singapore Green Plan 2030 is driving the shift, pushing to make all vehicles run on clean energy by 2040.

To back this effort, Singapore Government have started a campaign to spread awareness about Electric Vehicles (EVs). They want to highlight their advantages for owners and the environment. as well as contribute towards the responsible and gracious sharing of charging infrastructure.

                                                        Electric Vehicle Campaign Logo

The campaign logo and tagline, ‘Power EVery Move’ calls on everyone to participate in the adoption of EVs for a greener and more sustainable future.

Globally, the shift towards eco-friendly vehicles gains momentum, with over 10 million EVs sold in 2022, projected to grow by 35% this year. In 2023, our company introduces also welcome and encouraging for carbon emission friendly vehicle to support environmentally friendly

Reach out to Tokyo Century leasing Singapore to explore these car leasing options.