Singapore will reclassify electric vehicles under 150 PS as COE Class A; prices could drop by SGD30k (RM93k)

Singapore has announced that it will position electric vehicles (EVs) under 110 kW (150 PS) under the Class A Certificate of Entitlement (COE) from May. The move is part of a strategy to introduce more mainstream electric vehicles to the category, The time of the straits reports.

Currently, Class A COEs apply to cars with an engine displacement of up to 1,600 cc and a maximum power of 97 kW (132 hp). There is no distinction for electric vehicles, so far. The new 110 kW criterion applies exclusively to fully electric vehicles. Electric vehicles over 110 kW will fall under category B.

This means that buyers will pay less for COEs – based on the latest tenders, the premium for Category A COE was SGD63,000 (RM196,000), or about SGD30,590 (RM95,000) of less than for Category B. Cars that will benefit from the upgrade include the Hyundai Ioniq Electric (now priced at SGD 172,888 or RM537k with Category B COE), Kona Electric, Kia Niro Electric Short Range and Nissan Leaf.

Following the announcement, Ron Lim, Sales and Marketing Manager at Tan Chong Motor Sales, said, “We have received many inquiries about our Nissan Leaf EV, but many times customers have been put off by the price of a category B model. This revised classification will allow us to review the collected leads and hopefully result in better sales. »

Beyond that, the Land Transport Authority (LTA) has also unveiled plans to make every city HDB ‘EV-ready’ by 2025. This includes installing at least three charging stations in nearly 2 000 Housing Board car parks over the next four years. Ultimately, it aims to install 60,000 charging stations across the country by 2030.

Laws relating to the safe and reliable charging of electric vehicles will also be introduced, following a public consultation to be held later this year.