BETTER ACCEPTANCE OF EVs
The Chinese EV market’s growth here comes as more motorists accept these alternative cars, industry players said. It also comes amid a hike in EV import tariffs imposed by the European Union and the United States.
For instance, Vantage Automotive, which sells BYD, Ford and Peugeot cars, marked an increase in the sale of its EV cars – from about 1,400 units the whole of last year, compared with more than 2,000 units so far this year.
The firm’s managing director Anthony Teo said that among the reasons for the increasing acceptance are the government incentives available – they take up to S$15,000 (US$11,100) off new EVs.
“There is a general wrong perception that an EV is very expensive. But with the government incentive, in fact, the EV compared to an internal combustion engine vehicle, is quite comparable in pricing,” said Mr Teo.
To capture more of the market, brands, including BYD, have been introducing more Category A cars, or those 1,600cc and below with horsepower not exceeding 130bhp. These cars command smaller COE premiums.
Introducing more Cat A EVs creates competition that could provide EV firms incentive to ensure that their models are priced reasonably to attract more buyers, Mr Teo said.
This could appeal to those holding out on such vehicles due to price, he added.
