Several carmakers shipping EVs here that are almost uniquely Singapore
SINGAPORE – Numerous automobile producers are delivering electric cars (EVs) that are perfectly designed for Singapore to approved dealerships here, in reaction to the nation's distinctive certificate of entitlement (COE) mechanism.
Out of the twelve electric vehicle models sold by these dealers, three of them are not easily found in other places. It is anticipated that at least three more electric vehicles of this kind will be up for sale in the upcoming months.
The remaining nine electric vehicle models, with power output lower than 110 kilowatts (kW), can be found in nearly identical versions in the majority of larger markets.
Singapore is the sole destination globally to get your hands on the Hyundai Ioniq 5 featuring 107 kilowatts of power, which is slightly lower than the 125 kilowatts variant available in other markets.
The basic edition was specially designed to stay within the power limit set for Category A COEs, which was increased to 110kW from 97kW in May 2022.
In addition to the Hyundai Ioniq 5, electric vehicles like the BYD Atto 3 and MG ZS are also available for purchase in this location with slightly lower power compared to their counterparts in majority of other markets.
The BYD Atto 3, which is approved for Category A COE, made its debut in May 2023 with a 100kW variant. It was originally released with a 150kW version but now the more potent model is exclusively available in countries like Australia and the United Kingdom.
The same thing happened with the MG ZS as well. Singapore got the chance to have the 99kW edition of the electric SUV after it was introduced in February alongside the more powerful 130kW version. However, the higher power variant is no longer accessible in Singapore.
Hyundai is set to unveil two electric vehicles (EVs) with an output of under 110kW, making them eligible to receive Category A COEs.
Cycle & Carriage, an importer for a fresh Chinese brand called Ora, is anticipated to unleash the Good Cat model in 2023. The Good Cat boasts a power of 107kW, which happens to be the least powerful variant offered in China, contrasting with the 126kW alternative available in other markets.
The government made changes to the highest power limit in Category A, which will now enable a larger number of affordable electric vehicles to be eligible for this type of COE. Since Category A COE prices are generally lower than those in Category B, this adjustment will contribute to reducing the expenses associated with purchasing a new electric vehicle for the general public.
Up until now this year, there has been an approximately $20,000 gap in the cost between the two categories of car COEs.
Motor dealers have reacted to the modification in COE standards by urging manufacturers to supply additional electric vehicle models that comply with Category A requirements.
Electric vehicles (EVs) that have less than 110kW of power are not frequently found in prominent markets like Europe or in countries known for car production, such as Malaysia and Thailand. This is because the tax amount levied on these vehicles is not directly influenced by their power output.
In Nepal, the level of power an electric vehicle possesses becomes significant as it determines the amount of taxes imposed on the vehicle.
The power output of BYD Atto 3 and MG ZS available in Nepal is equivalent to that of their counterparts sold in Singapore.
Experts in the field have noted that manufacturers find it more convenient to modify the power output of an electric vehicle compared to cars powered by internal combustion engines. In some cases, these modifications can be achieved through software programming rather than requiring extensive changes to the vehicle's hardware components.
However, specific models might necessitate excessive effort in order to fulfill the standards.
According to a high-ranking official in the automobile industry, the main obstacle lies in persuading car manufacturers that developing an electric vehicle that complies with Category A COE standards will generate enough sales to make it worth their while.
Despite giving their consent to the dealer's appeal, it may still take several months before a lower production electric vehicle (EV) is fully prepared for release. This is the reason why BYD and MG models were not initially introduced as COE-friendly Category A vehicles.
In addition to creating the physical components and coding in order to lower the power output of an electric vehicle, there is also a crucial demand for thorough examination and record-keeping to verify that the cars meet the power standards prior to being available for purchase.
According to the registration data from May, importing EVs with lower power output does not result in significantly lower costs. The initial price of the 100kW BYD Atto 3 is only $2,000 less than the 150kW version, before considering taxes. This indicates that the substantial price reduction of around $20,000 for the 100kW version is primarily due to the variance in COE price.
Manufacturers have been asked by distributors to design car models specifically tailored to Singapore's distinct system previously.
The Honda Civic available now comes with a 1.5-liter motor, which has a power output of 127 brake horsepower (bhp) in order to meet the requirements for Category A COE. This is a lower figure compared to the 178bhp it originally possessed.
