In Singapore, There Are Nearly 30x More BMWs And 5x More Porsches Than Teslas | Carscoops carscoops
wants to end the sale of new internal combustion-powered vehicles by 2030 but EV sales need to rise rapidly in the coming years if this is to be achieved. Over the past two years, the administration has been pushing electric vehicles offering incentives of up to S$45,000 and expanding the charging network.
Last year, EVs accounted for 12 per cent of new car sales in Singapore, a significant increase from the 4 per cent in 2021. While government officials will be pleased to see progress,notes that EVs represent just 1 per cent of all registered cars in Singapore which is actually less than the 1.65 per cent of vehicles that are combustion-powered sports cars.
In Singapore, owning and operating a car is a luxury reserved for those willing to pay a steep price. To even be able to operate a car, one must acquire a certificate that is only available in limited quantities for a duration of 10 years, which can require participating in a bidding process and cost tens of thousands of dollars. Reuters reports that these certificates for small cars cost upwards of S$88,000 .
Despite this, Singapore with a population of around 5.6 million people, is also home to some of the wealthiest individuals in the world, with HSBC predicting that 13% of Singaporeans could become millionaires by 2030, the highest share in the world.Given the extraordinary wealth in Singapore, it’s not surprising that eye-watering prices and car ownership costs haven’t stopped locals from buying a growing number of luxury vehicles.
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