Singapore EV registrations treble in H1 2024 as electrified cars dominate the market

EVs, petrol-electric hybrids and plug-in hybrids make up 80.9% of new car registrations

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Derryn Wong

Published Tue, Jul 23, 2024 · 07:52 PM

EVs and petrol-electric hybrids were the most common new car types registered in Singapore in the first half of 2024. PHOTO: REUTERS

REGISTRATIONS of electric vehicles (EVs) in Singapore for the first six months of 2024 have more than trebled, compared with the previous corresponding period.

From January to June this year, 6,019 EVs were registered, making up 32.4 per cent of total registrations, up from 1,892 in H1 2023.

Petrol-electric hybrids were the most common type of new cars, with 8,922 units registered, constituting 48 per cent of the market.

Registrations of petrol cars numbered 3,531, or 19 per cent, down from 42.4 per cent in the previous corresponding period.

Electrified vehicles, meaning EVs, petrol-electric hybrids and plug-in hybrids, made up 80.9 per cent of new passenger car registrations.

Compared to the previous corresponding period, the number of hybrids registered increased 62.6 per cent, and the number of EVs registered rose 218.1 per cent, while the number of petrol cars decreased by 58.1 per cent.

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Industry observers attribute the plunge in ultra-luxury car registrations to higher taxes on more expensive cars and reduced rebates that mean higher cost of ownership.

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Production of the Hyundai Ioniq 6, now on sale, began in Singapore in late June 2024.

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Data shows that electric vehicles are slower to sell in Singapore, but accurate data on their resale values compared to normal cars is difficult to find.

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The growth of the EV and hybrid segments outstripped that of the overall passenger car market, which expanded 40.5 per cent to 18,576 from 13,224. In the past months, EV adoption has been driven by the release of popular models from BYD and Tesla that use a Category A Certificate of Entitlement.

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