Non-Chinese brands are struggling to gain traction in the Singapore market, given the competitive pricing of electric vehicles made in China.
SINGAPORE: Market analysts are forecasting a short to medium-term increase in the price of a successful Certificate of Entitlement as demand for electric vehicles in Singapore rises, particularly driven by Chinese manufacturers.
The market is expected to become even more competitive with the anticipated entry of other Chinese EV brands such as Xpeng and Zeekr. The rising interest in EVs is not solely due to local consumer preferences but also a strategic pivot by Chinese automakers. Faced with tariffs imposed by the European Union and the United States, these manufacturers are increasingly targeting more welcoming markets like Singapore.
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