Car sector hoping loan curbs are eased

[SINGAPORE] The Singapore Budget will be delivered on Feb 21 and the motor industry is crossing its fingers that there will be some goodies in it for them, and not more pain. Most are focused on the vehicle financing restrictions and hope they will be eased but at least one motor distributor would like to see a more serious effort in the comprehensive electrification of Singapore for a cleaner and more sustainable automotive future.

"This would go beyond the car industry per se and involve building and property owners, as well as parking operators to incentivise them for installing charging facilities for electric vehicles," says an executive.

But more than that, he would like to see some indication that electric or plug-in hybrid cars will attract certain incentives. "It doesn't have to be a permanent subsidy, maybe for early adopters only. For helping people to breathe cleaner air."