Sales of electric vehicles (EVs) more than tripled in Singapore in the first six months of 2024, with 6,019 units registered compared to 1,892 units in the same corresponding period in 2023. As reported by The Business Times, EV sales in the island nation made up 32.4% of total registrations from January to June this year.
The 6,019 EVs sold in 1H 2024 is 218.1% more than what was recorded in 1H 2023, where 1,892 EVs were delivered for a market share of 14.3%. A point of interest is EVs outselling petrol cars which saw 3,531 registrations, a 58.1% decrease from what was recorded in 1H 2023. As a consequence, the market share for petrol cars dropped from 42.4% to just 19%.
The increase in EV adoption is likely driven by the introduction of Category A COE-friendly models by brands such as BYD and even Tesla, the latter introducing a Rear-Wheel Drive 110 variant in May this year. To qualify for a Category A COE, EVs can only have maximum motor output of up to 150 PS (148 hp or 110 kW).
Despite the significant growth in EV sales, petrol-electric hybrid vehicles made up the bulk of sales in 1H 2024 with 8,922 units or 48% of the market. This represents a 62.6% increase from the 5,486 units recorded in 1H 2023 (41.5% market share). Lastly, petrol plug-in hybrid vehicle sales numbered just 96 units and a market share of 0.5% (down from 1.1%).
As for the overall passenger car market, sales increased by 40.5% to 18,576 units in 1H 2024 from 13,224 units in 1H 2023.
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