Electric vehicle sales in Singapore to rise 218.1% in H1 2024, surpassing petrol vehicles – 6,019 units; hybrids lead with 8,922 units

Electric vehicle (EV) sales tripled in Singapore in the first six months of 2024, with 6,019 vehicles registered compared to 1,892 in the same period in 2023, according to a report by Business TimesElectric vehicle sales in the island nation accounted for 32.4% of total vehicle registrations from January to June this year.

The 6,019 electric vehicles sold in the first half of 2024 are 218.1% higher than the number recorded in the first half of 2023, when 1,892 electric vehicles were delivered and accounted for 14.3% of the market share. It is worth noting that electric vehicles outsold gasoline vehicles with 3,531 vehicles registered, down 58.1% compared to the number recorded in the first half of 2023. As a result, the market share of gasoline vehicles fell from 42.4% to just 19%.

The increase in EV adoption could be driven by the introduction of COE Type A friendly models from brands such as BYD and even Tesla, which introduced a rear-wheel-drive variant of the 110 in May this year. To qualify for a Type A COE, electric vehicles can only have a maximum motor output of up to 150 PS (148 hp or 110 kW).

Despite the significant increase in electric vehicle sales, gasoline-electric hybrids still accounted for the majority of sales in the first half of 2024, with 8,922 units or 48% of the market. This was up 62.6% from the 5,486 units recorded in the first half of 2023 (41.5% market share). Finally, gasoline-powered plug-in hybrids accounted for just 96 units and 0.5% of the market (down from 1.1%).

For the overall passenger car market, sales increased by 40.5% to 18,576 units in the first half of 2024 compared to 13,224 units in the first half of 2023.

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