In total, 80 per cent of passenger vehicles in the Republic are expected to be electric by 2040.
SINGAPORE – Singapore is forecast to have the largest share of passenger electric vehicles in South-east Asia by 2040, according to a report from Bloomberg’s energy research service BloombergNEF.compared with a regional average of 24 per cent, the report said.
In its 2024 report on the outlook for EVs in the region, BloombergNEF said falling battery prices are “key to EV adoption”. She noted that a key roadblock to EV adoption is “a dearth of electric models that can compete with these prices as well as deliver the desired performance”. “The Singapore vehicle market is quite different from that of regional countries, and there are factors here that make EV adoption much more extensive,” Prof Theseira said.
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