Singapore expands its electric vehicle push – S$30 mil for initiatives, 60,000 EV charging points by 2030

Last year, Singapore announced that it would begin the push to promote the adoption of electric vehicles (EV) at the start of 2021, outlining measures that would be undertaken to encourage consumers to make that switch. These were again highlighted by the country’s deputy prime minister Heng Swee Keat in his Budget 2021 speech yesterday.

Some elements have also been revised or enhanced in terms of scope. Last year, it was stated that the EV charging infrastructure in the republic would be expanded from 1,600 points to 28,000 across the island by 2030. Heng said this will now be doubled further to 60,000 EV charging points at public car parks and private premises by 2030.

The Singaporean government, which has stated its intent to phase out ICE vehicles and have all vehicles run on cleaner energy by 2040, will also put aside S$30 million over the next five years for electric vehicle-related initiatives. This includes measures to improve charging provision at private premises, Channel News Asia reports.

Elsewhere, rebates from the EV Early Adoption Incentive (EEAI) as announced in the last Budget began on January 1, and will be in place until December 31, 2023. This allows buyers of fully-electric vehicles to receive a rebate of up to 45% off the vehicle’s additional registration fee (ARF), capped at S$20,000 (RM60,780). The ARF is a tax paid when registering a vehicle and is calculated based on a percentage of a vehicle’s Open Market Value (OMV) cost imported into the country.

Late last year, it had been announced that under the enhanced vehicular emissions scheme (VES), there would be an increase in rebates for cleaner vehicles and an increased surcharge for more pollutive vehicles. The enhanced VES, which began in January and is effective until December 31, 2022, offers up to S$25,000 (RM76,000) in rebates.

This means buyers of new full EVs could save up to S$45,000 (RM138,270), as is the case with the Tesla Model 3, for which online orders have begun in the republic. Those purchasing full EVs for use as taxis stand to gain savings of up to S$57,500 (RM174,730).

There will also be a revision of the road tax bands so that a mass-market electric car will have road tax comparable to an internal combustion engine equivalent, Heng said in his speech, with details on this to be announced soon

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